China's main Shanghai stock market rose slightly on Tuesday, but both the blue-chip index and the start-up board ChiNext dipped in holiday-thinned trade, as banking system liquidity remains relatively tight.
Hong Kong market is closed for the Christmas holiday, so the cross-border Connect scheme which typically contributes to China market liquidity is also shut. The one-month Shanghai Interbank Offered Rate (Shibor) rose to 4.9277 per cent on Tuesday, the highest level since April, 2015.
At 04:09 GMT, the Shanghai Composite index was up 5.95 points or 0.18 per cent at 3,286.41. China's blue-chip CSI300 index was down 0.29 per cent, with its financial sector sub-index higher by 0.15 per cent, the consumer staples sector down 1.45 per cent, the real estate index up 0.45 per cent and healthcare sub-index down 0.95 per cent .
The smaller Shenzhen index was down 0.11 per cent and the start-up board ChiNext Composite index was weaker by 0.24 per cent. Around the region, MSCI's Asia ex-Japan stock index was a touch weaker by 0.04 per cent, while Japan's Nikkei index was down 0.10 per cent. The yuan was quoted at 6.552 per US dollar, 0.17 per cent weaker than the previous close of 6.5408.
The largest percentage gainers in the main Shanghai Composite index were Jiangsu Wuzhong Industrial Co Ltd up 10.04 per cent, followed by Yabao Pharmaceutical Group Co Ltd gaining 10.04 per cent and First Tractor Co Ltd up by 10.03 per cent.
The largest percentage losses in the Shanghai index were Luenmei Quantum Co Ltd down 8.55 per cent, followed by Tongwei Co Ltd losing 6.49 per cent and Shanghai Fosun Pharmaceutical Group Co Ltd down by 6.04 per cent.
So far this year, the Shanghai stock index is up 5.7 per cent, while China's H-share index is up 24.0 per cent. Shanghai stocks have declined 1.11 per cent this month. About 7.56 billion shares have traded so far on the Shanghai exchange, roughly 48.3 per cent of the market's 30-day moving average of 15.66 billion shares a day. The volume traded was 14.69 billion as of the last full trading day.
The Shanghai stock index is below its 50-day moving average and above its 200-day moving average. The price-to-earnings ratio of the Shanghai index was 14.77 as of the last full trading day while the dividend yield was 2 per cent. So far this week, the market capitalisation of the Shanghai stock index has fallen by 0.42 per cent to 28.67 trillion yuan.