| SHANGHAI, March 28
SHANGHAI, March 28 China shares closed down on
Friday, as gains from major index heavyweights were offset by a
sell-off in tech shares as investors booked profits on worries
that their recent stellar performance may be coming to an end.
The Shanghai Composite Index ended down 0.2 percent
at 2041.7 points, slipping back to just below its weekly opening
level on persistent investor concerns about a deeper economic
slowdown. The CSI300 of the leading Shanghai and
Shenzhen A-share listings also ended down 0.2 percent.
The Nasdaq-style ChiNext Composite Index of mostly high-tech
start-ups finished the day down 3.2 percent, as
investors moved funds into other assets partly on the view that
the tech sector has become pricey. The index has lost 12 percent
in just over a month, having gained more than 75 percent in the
12 months before that.
Investors also continued to desert Kweichow Moutai Co Ltd
, with the stock losing 3.2 percent. Moutai's
premium, fiery liquor "baijiu" has been hit particularly hard by
the official crackdown on corruption, leading the firm to post
low growth projections for 2014 on Monday.
Shares in China's biggest automaker SAIC Motor Corp
climbed 8.35 percent after the company posted
forecast-beating 2013 earnings, helped by robust sales at its
ventures with Volkswagen and General Motors.
(Reporting By Natalie Thomas; Editing by Shri Navaratnam)