China shares drop as consumer, healthcare stocks fall on profit-booking; Hong Kong slip
China shares fell on Wednesday, as investors booked profits after a rally in consumer and healthcare firms following the country's latest three-child policy. ** The blue-chip CSI300 index fell 0.95% to 5290.86 at the end of the morning session, while the benchmark Shanghai Composite Index lost 0.65% to 3601.24. ** Falling the most, the CSI300 consumer staples sector and healthcare subindex skid 1.15% and 1.35%, respectively.
- Country:
- China
China shares fell on Wednesday, as investors booked profits after a rally in consumer and healthcare firms following the country's latest three-child policy. ** The blue-chip CSI300 index fell 0.95% to 5290.86 at the end of the morning session, while the benchmark Shanghai Composite Index lost 0.65% to 3601.24.
** Falling the most, the CSI300 consumer staples sector and healthcare subindex skid 1.15% and 1.35%, respectively. ** The two sectors, including some birth- and fertility-related companies, were cheered by investors on Tuesday after Beijing allowed married couples to have up to three children, as recent data showed a dramatic decline in births in the world's most populous country.
** The pullback in stocks also came amid northbound outflows via the Stock Connect, hitting 3.6 billion yuan ($564.15 million) on Wednesday, according to Refinitiv data. ** Shenzhen's start-up board ChiNext slipped 1.56%, while Shanghai's tech-focused STAR50 index was down 1.56%.
** The smaller Shenzhen index was down 0.95%. ** Chinese H-shares listed in Hong Kong fell 0.42% to 10,945.09, while the Hang Seng Index was down 0.5% at 29,320.10.
** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.21% while Japan's Nikkei index was up 0.44%. ($1 = 6.3813 yuan)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
EXPLAINER-South China Sea: Why are China and Philippines tensions heating up?
China says EU subsidy probes interfere with China, Europe cooperation
Biden and Japan's Kishida forge new partnership, eyeing China and Russia
China tried to meddle but Canadians decided the last two elections, says PM Trudeau
China accuses EU of protectionism in investigation of subsidies for green industries