China stocks fall ahead of Fed meeting, Lunar New Year
China stocks fell on Tuesday on weakened sentiment over concerns that the U.S. Federal Reserve would tighten policies and uncertainties in the markets ahead of the incoming Chinese New Year holidays, with media firms leading the decline.
China stocks fell on Tuesday on weakened sentiment over concerns that the U.S. Federal Reserve would tighten policies and uncertainties in the markets ahead of the incoming Chinese New Year holidays, with media firms leading the decline. The CSI300 index fell 0.8%, to 4,748.54 points, at the end of the morning session, while the Shanghai Composite Index lost 1.1%, to 3,484.80 points.
The Hang Seng index dropped 1.2%, to 24,351.38 points. The Hong Kong China Enterprises Index lost 1.0%, to 8,569.14. ** Real estate developers lost 2% on concerns over debt woes in the squeezed sector.
** Energy stocks declined 2.4%, with coal miners down 3.2%. ** Media firms slumped nearly 4%, after the Cyberspace Administration of China (CAC) launched a month-long "clean cyberspace" campaign.
** The Federal Reserve will begin its two-day meeting later on Tuesday, and Chinese markets will be closed for the New Year holidays starting from Jan 31. ** Tech giants and financial firms dragged Hong Kong shares lower, on concerns about faster U.S. rate hikes and mounting tensions over Ukraine.
** The Hang Seng Tech index dropped 1.7%, with Alibaba Group, Tencent Holdings and Meituan down between 0.9% and 1.6%. ** Hang Seng Finance Index retreated 1.4%. Insurer AIA Group and banking and financial services provider HSBC Holdings lost 3% and 2.1% respectively, two biggest point contributors dragging the Hang Seng Index.
** Healthcare firms dropped 2%, with Sino Biopharmaceutical Ltd down 4.2% to become the second largest percentage decliner on the Hang Seng Index. ** Property developer Shimao Group Holdings jumped 7.5% after it sold its holdings in a Guangzhou complex to a state-owned partner for 1.84 billion yuan ($290.65 million), following a sale of a commercial land in Shanghai last week.
** However, China Evergrande Group dropped 3.8% as the cash-strapped developer sought more time from its offshore bondholders to work on a "comprehensive" and "effective" debt restructuring plan.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)