Chinese shares close lower on first trading day of 2022

BEIJING – Chinese stocks closed lower on the first trading day of 2022.

The benchmark Shanghai Composite Index was down 0.2 percent, at 3,632.33 points, while the Shenzhen Component Index closed 0.44 percent lower at 14,791.31 points.

The combined turnover of stocks covered by the two indices stood at 1.27 trillion yuan ($199.08 billion), up from 1.06 trillion yuan on the previous trading day, with the combined turnover exceeding 1 trillion yuan for the third consecutive trading day.

Shares related to traditional Chinese medicine led the gains, with multiple companies surging by the daily limit of 10 percent amid the country's recent favorable policies.

Meanwhile, shares related to the rare earth and salt lake-based lithium sectors led the losses.

The ChiNext Index, tracking China's NASDAQ-style board of growth enterprises, lost 2.18 percent to close at 3,250.16 points Tuesday.

The decline of over 2 percent came after non-ideal performances of the new energy vehicle and medical shares.