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3 years ago
China shares end down despite afternoon bank rally
March 27, 2014 / 7:17 AM / 3 years ago

China shares end down despite afternoon bank rally

SHANGHAI, March 27 (Reuters) - China shares shed gains in late trading on a see-saw Thursday, ending down after though banking stocks rose for much of the afternoon on rumours the central bank may cut its reserve requirements.

The Shanghai Composite Index ended down 0.8 percent at 2046.6 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings declined by 0.7 percent.

The CSI300 banking sub-index closed up 1 percent. Minsheng Bank rose 3.6 percent, and Shanghai Pudong Development Bank Co Ltd 1.2 percent.

China Citic Bank Corp shares closed up 1.97 percent on news that its parent CITIC Group would inject its main operating arm CITIC Pacific Ltd.

Bank of China gained 0.8 percent after posting an above-estimate 11 percent increase in fourth quarter profits. .

Hong Kong shares performed similarly to the China indexes in the afternoon, after weakening in the morning as investors sold technology stocks. (Reporting by Natalie Thomas; Editing by Richard Borsuk)

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