SHANGHAI, April 9 China shares ended at a new
7-week high on Wednesday, as certain tech stocks outperformed
but profit-taking in banking shares weighed on index
The Shanghai Composite Index ended up 0.3 percent at
2,105.24 points, its highest close since Feb. 21. The CSI300
of the leading Shanghai and Shenzhen A-share listings
rose 0.1 percent.
Banks were the biggest drag after investors cashed in gains
from Tuesday's excitement over preferred shares that saw the
CSI300 banking sub-index reach a 3-1/2-month high.
Industrial Bank Co Ltd slid 0.6 percent , while
China Minsheng Banking Corp Ltd and Ping An Bank Co
Ltd shed 1.1 percent and 0.8 percent, respectively.
Overall, the index was down 0.5 percent.
Though not listed, Alibaba IPO-ALIB.N continued to have an
impact on mainland markets, snapping up its second firm in as
many days ahead of its U.S. IPO.
Shares in Shenzhen-listed Wasu Media Holding Co Ltd
surged 10 percent, the daily trading limit, after it
said Alibaba founder Jack Ma and other partners had agreed to
buy a 20 percent stake in the firm for $1.05 billion.
On Tuesday, Ma announced he would take a 3.3 billion yuan
($532.53 million) stake in the financial software firm Hundsun
Technologies, sending the stock up 10 percent on
Tuesday, and another 10 percent on Wednesday.
($1 = 6.1968 Chinese Yuan)
(Reporting By Natalie Thomas; Editing by Jacqueline Wong)