BEIJING/SHANGHAI, May 19 (Reuters) - China shares ended lower on Wednesday after three straight sessions of gains, dragged down by property and energy firms, while digital currency-related stocks fell after Beijing banned financial and payment companies from the cryptocurrency business.
At the close, the Shanghai Composite index was down 0.51% at 3,510.96, while the blue-chip CSI300 index was down 0.3%.
The energy sector sub-index fell 1.61%, and the real estate index dropped 1.65%.
The smaller Shenzhen index ended up 0.12% and the start-up board ChiNext Composite index was higher by 0.796%.
Investors are betting on the increasing momentum of A shares and searching for opportunities in consumer blue-chips and new energy vehicles firms, said Yang Delong, an investment manager at First Seafront Fund Management Co.
Trading in the mainland market is volatile, Yang said, citing relative low valuations for A-shares and Hong Kong stocks amid surging global equities.
China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.
Hong Kong markets were closed for a holiday.
Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.38%, while Japan's Nikkei index closed down 1.28%.
Comments