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China stocks retreat on weaker hopes for stimulus


China stocks retreat on weaker hopes for stimulus
Image Credit: StoryBlocks

Chinese shares dipped on Wednesday with property developers weighing on broad A-share indexes, as investors' hopes for policy stimulus to overcome a cooling economy faded. At the end of the morning session, the CSI300 index was down 0.4% at 3,881.18 points, while the Shanghai Composite index lost 0.3% to 2,945.36.

China's blue-chip CSI300 index was down 0.38%, with its financial sector sub-index lower by 0.52%. The consumer staples sector was down 0.29%, the real estate index down 1.61% and the healthcare sub-index down 1.04%. "There were expectations for some policy stimulus benefiting the (property) sector but the macro-economic figures, while missing expectations are not bad enough to warrant a significant change in policy," Gerry Alfonso, an analyst at Shenwan Hongyuan Securities, said.

Chinese H-shares listed in Hong Kong fell 0.8% to 10,442.17, while the Hang Seng index was down 0.94% at 26,535.17. Hong Kong shares fell despite an announcement by the city's government that it would provide HK$2 billion to support the local economy, with a particular focus on its transport, tourism and retail sectors. China is drawing up a plan to replace Hong Kong leader Carrie Lam with an "interim" chief executive, the Financial Times reported, citing people briefed on the deliberations, which would bring to a close Lam's rule after months of often violent pro-democracy protests.

China's Vice Foreign Minister Le Yucheng said on Tuesday that China and the United States had achieved some progress in their trade talks. The smaller Shenzhen index was down 0.28% and the start-up board ChiNext Composite index was weaker by 0.26%. Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.63%, while Japan's Nikkei index was down 0.03%.

The yuan was quoted at 7.0843 per U.S. dollar, 0.09% weaker than the previous close of 7.0778. The largest percentage gainers on the main Shanghai Composite index were Shandong Homey Aquatic Development Co Ltd, up 10.13%, followed by Lushang Health Industry Development Co Ltd, gaining 10.02% and Jiangsu Nanfang Medical Co Ltd, up by 10.02%.

The largest percentage losses on the Shanghai index were Guangzhou Kingmed Diagnostics Group Co Ltd, down 8.38%, followed by Getein Biotech Inc, losing 7.57% and Tonghua Dongbao Pharmaceutical Co Ltd, down by 6.45%. So far this year, the Shanghai stock index is up 18.46%, while China's H-share index is up 4.00%. Shanghai stocks have risen 1.69% this month. The top gainers among H-shares were Anhui Conch Cement Co Ltd, up 1.4%, followed by BYD Co Ltd, gaining 0.66% and ENN Energy Holdings Ltd, up by 0.58%.

The three biggest H-shares percentage decliners were China Resources Beer Holdings Co Ltd, which has fallen 3.01%, Want Want China Holdings Ltd, which has lost 2.98% and CSPC Pharmaceutical Group Ltd, down by 2.41%. In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 0.7%, while the IT sector fell 1.5%. The top gainer on the Hang Seng was Industrial and Commercial Bank of China Ltd, up 0.37%, while the biggest loser was AAC Technologies Holdings Inc, which was down 3.7%.

Also Read: Saudi Arabia to launch new logistics zone in Jeddah, open to private investors - statement

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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