China's blue-chip shares fall on hit from recent COVID-19 outbreaks
** In Hong Kong, tech giants and healthcare firms weighed on the benchmark Hang Seng index. ** The Hang Seng Tech index lost 1.7% after China's market regulator proposed a long list of responsibilities it said it wanted the country's internet platforms to uphold..
China's blue-chips stocks fell on Monday as recent COVID-19 outbreaks in the country weighed on consumption, tourism and the broader services sector. ** The CSI300 index fell 0.2%, to 4,897.55 points at the end of the morning session, while the Shanghai Composite index gained 0.1%, to 3,549.93 points.
** The Hang Seng index dropped 1.1% to 25,098.87 points, while the Hong Kong China Enterprises index lost 0.8% to 8,886.09. ** Shares in consumer staples, tourism and transport dropped between 0.8% and 3.1%.
** Activity in China's services sector grew at a slower pace in October as the country combats small-scale COVID-19 outbreaks hitting mainly the north. ** "The non-manufacturing PMI could drop much further in November, as Beijing may significantly tighten travel restrictions in coming weeks, in order to contain the current wave ahead of the upcoming Spring Festival travel rush," Nomura analysts said.
** Separately, China's factory activity contracted more than expected in October, hurt by persistently high raw material prices and softer domestic demand. ** Real estate firms declined for a sixth session and the index was down 1.8%, as a recent planned pilot real-estate tax scheme dented risk appetite in the sector.
** Although banks have been requested by Beijing to avoid overly severe property curbs, Nomura said "it's still fine-tuning, not outright easing" and the brokerage expected "the environment may continue to decline for the property sector". ** In Hong Kong, tech giants and healthcare firms weighed on the benchmark Hang Seng index.
** The Hang Seng Tech index lost 1.7% after China's market regulator proposed a long list of responsibilities it said it wanted the country's internet platforms to uphold.. ** The healthcare sub-index slumped 3.6%. Alibaba Health Information Technology Ltd and Wuxi Biologics Inc plunged more than 6% each, making them the top two percentage decliners on the Hang Seng index.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)