Left Menu
Development News Edition

China shares drop on property sector woes, Xi speech aids tech stocks

China stocks slid on Wednesday, with property firms leading the losses due to mounting pressure for raising fresh cash under the government's new debt-ratio caps, while some tech shares climbed after comments from President Xi Jinping. ** At the midday break, the Shanghai Composite index was down 0.54% at 3,341.73.

Reuters | Beijing | Updated: 14-10-2020 10:28 IST | Created: 14-10-2020 10:26 IST
China shares drop on property sector woes, Xi speech aids tech stocks
Representative Image Image Credit: Pixabay

China stocks slid on Wednesday, with property firms leading the losses due to mounting pressure for raising fresh cash under the government's new debt-ratio caps, while some tech shares climbed after comments from President Xi Jinping.

** At the midday break, the Shanghai Composite index was down 0.54% at 3,341.73. ** China's blue-chip CSI300 index fell 0.61%, with the real estate sub-index dropping 1.09%, while the healthcare index inched up 0.09%. The financial sector sub-index slipped by 0.56%, while the consumer staples sector was down 0.76%.

** Chinese H-shares listed in Hong Kong rose 0.02% to 9,880.74, while the Hang Seng Index was down 0.27% at 24,583.40. ** The smaller Shenzhen index was down 0.48%, the start-up board ChiNext Composite index was weaker by 0.5% and Shanghai's tech-focused STAR50 index was down 0.87%​.

** Shares of China Evergrande Group, the country's most indebted property developer, fell as much as 18% in early trading. The company raised $555 million in a slimmed-down share sale after initially targeting up to double that amount. ** Shares of Shenzen-based Tencent Holdings Ltd hit an all-time high by surging 2.2% in the morning.

** Shenzhen will strengthen property rights and protection of entrepreneurs, President Xi said on Wednesday, in a speech marking the establishment of the country's first economic zone in the southern city four decades earlier. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.10% and Japan's Nikkei index was up 0.08%.

** The yuan was quoted at 6.7392 per U.S. dollar, 0.09% firmer than the previous close of 6.745.


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Smart healthcare: IoT redefining the way healthcare is delivered

As the world is embracing the new wave of digitalization triggered by the pandemic and the arrival of 5G, the adoption of IoT devices will further boom. With adoption set to soar, IoT security issues and other challenges cant be ignored any...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

DoorDash aims for up to $27 bln valuation in IPO

Food delivery startup DoorDash Inc is aiming to raise up to 2.8 billion at a valuation of 27 billion in its initial public offering, setting the stage for one of the most high-profile stock market debuts of the year.SoftBank-backed DoorDash...

Iran's oil minister expects OPEC meeting on oil cuts to be difficult

Iranian Oil Minister Bijan Zanganeh said he expected an OPEC meeting on Monday to be difficult because of differences of opinion over whether to extend existing oil cuts from January, when OPEC is due to start increasing output. He told an ...

Kuwait condemns killing of Iranian scientist - state news agency

Kuwaits foreign ministry on Friday condemned the assassination of Irans top nuclear scientist, according to the state news agency KUNA.The ministry expressed ... its rejection of anything that would increase tension and undermine stability ...

Scotland Yard probes role of British mercenaries in fight against LTTE

Scotland Yards War Crimes Team, which is part of its Counter-Terrorism Command, has launched an investigation into the role of British mercenaries in fighting the LTTE rebels in Sri Lanka during the 1980s. The Metropolitan Police said it ha...

Give Feedback