China shares track overnight Wall Street slump on recovery concerns

China stocks fell on Thursday, with energy and technology firms leading losses, following a slump on Wall Street overnight on renewed concerns over slowing global economic recovery due to resurgence of coronavirus cases. ** At the midday break, the Shanghai Composite index was down 1.46% at 3,231.79.

China stocks fell on Thursday, with energy and technology firms leading losses, following a slump on Wall Street overnight on renewed concerns over slowing global economic recovery due to resurgence of coronavirus cases.

** At the midday break, the Shanghai Composite index was down 1.46% at 3,231.79. ** China's blue-chip CSI300 index was down 1.63%, with its financial sector sub-index lower by 0.96%, the consumer staples sector down 1.35%, the real estate index down 1.44% and the healthcare sub-index down 1.71%. ** Chinese H-shares listed in Hong Kong fell 1.78% to 9,388.91, while the Hang Seng Index was down 1.78% at 23,319.54, hitting the lowest level in nearly four months. All but two index constituents fell. ** The energy sector sub-index in Hong Kong shed 2.5% while the CSI Information Technology Index lost 1.9%.

** The smaller Shenzhen index was down 2.06%, the start-up board ChiNext Composite index was weaker by 2.12% and Shanghai's tech-focused STAR50 index was down 0.87%​. ** "The toing and froing pandemic overseas is delaying recovery in U.S., leading to the market slumps," said Zhang Yanbing, an analyst with Zheshang Securities. "While the downward trend in mainland A-shares will be limited as China is achieving a better recovery."

** Federal Reserve Vice Chair Richard Clarida said on Wednesday that the U.S. economy remains in a "deep hole" of joblessness and weak demand, and called for more fiscal stimulus, noting that policymakers "are not even going to begin thinking" about raising interest rates until inflation hits 2%. ** China's cabinet said it will allow more qualified foreign investors to make strategic investment in Chinese listed companies, state television reported. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.04% while Japan's Nikkei index was down 0.79%. ** The yuan was quoted at 6.8168 per U.S. dollar, 0.11% weaker than the previous close of 6.809.