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Chinese stocks closed mixed on Thursday, as gains from the telecom sector balanced out losses from the real estate sector.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.4 per cent to 4700.78, while the Shanghai Composite Index gained 0.1 per cent to 4,378.31 points.
Telecom stocks captured the spotlight, buoyed by the government’s plans to accelerate development of the country’s high-speed broadband networks to raise Internet speeds and cut prices.
Chinese media reported that work to improve China’s Internet infrastructure could spur over 100 billion yuan ($16.13 billion)of investment this year, potentially benefiting equipment makers.
The real estate sector sub-index closed down over 1 per cent after data showed China’s real estate investment growth continued to slow in the first four months of 2015, to the lowest since May 2009, as new construction weakened.
Analysts said optimism about more government stimulus to prop up flagging growth can no longer excite the market as such easing has been priced in.
The total volume of A shares traded in Shanghai was 44.6 billion shares, while Shenzhen volume was 33.6 billion shares. ($1 = 6.1996 Chinese yuan)
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