March 28, 2014 / 7:15 AM / 4 years ago

China shares end down 0.2 pct on tech sell off, economy concerns persist

SHANGHAI, March 28 (Reuters) - 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)

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