Left Menu
Development News Edition

Chinese shares slip over Fed dovish stance at next meet

Chinese shares slip over Fed dovish stance at next meet
Deandre Ayton scored 25 points on 12-of-17 shooting and also collected 12 rebounds, three steals and three blocked shots for Phoenix. Image Credit: Pixabay

Chinese shares edged lower on Tuesday as investors took profits after major stock indexes closed near 6-1/2 month highs in the previous session, but the downside was limited by the expectation that the U.S. Federal Reserve would take a dovish stance at its meeting this week. At the midday break, the Shanghai Composite index was down 0.22 per cent at 3,089.50. China's blue-chip CSI300 index was down 0.37 per cent. Both indexes closed near 6-1/2 month highs on Monday.

Chinese H-shares listed in Hong Kong fell 0.46 per cent to 11,620.81, while the Hang Seng Index was down 0.25 per cent at 29,334.61. The smaller Shenzhen index was unchanged for the day and the start-up board ChiNext Composite index was higher by 0.12 per cent. Investors are looking to the Fed policy meeting to see whether policymakers have sufficiently lowered their interest rate forecasts to more closely align their "dot plot", a diagram showing individual policymakers' rate views for the next three years.

In contrast to broader market declines, nuclear power-related stocks surged after environmental impact assessments (EIA) for two nuclear power plant projects were submitted for approval to regulators on Monday, a vital stage in the resumption of China's atomic energy programme after a three-year halt in new approvals. State-owned China National Nuclear Power jumped as much as 10 per cent to its highest since April 2018, before trimming gains. It was last up 2.29 percent.

Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.05 per cent, while Japan's Nikkei index was down 0.16 per cent. The yuan was quoted at 6.7162 per U.S. dollar, 0.04 per cent weaker than the previous close of 6.7135. The largest percentage gainers on the main Shanghai Composite index were Lanzhou LS Heavy Equipment Co Ltd, up 10.09 per cent, followed by Hunan Chen Dian International Development Co Ltd, gaining 10.04 per cent, and Beijing Teamsun Technology Co Ltd, up by 10.04 per cent.

The largest percentage losers on the Shanghai index were Yiwu Huading Nylon Co Ltd, down 10.01 per cent, followed by Shanghai Yanshi Enterprise Development Co Ltd, losing 4.92 per cent, and Hainan Yedao Group Co Ltd, down by 4.85 per cent. So far this year, the Shanghai stock index is up 24.16 per cent, while China's H-share index is up 15.3 per cent. Shanghai stocks have risen 5.29 per cent this month.

The top gainers among H-shares were CGN Power Co Ltd, up 3.64 per cent, followed by Great Wall Motor Co Ltd, gaining 3.28 per cent, and CSPC Pharmaceutical Group Ltd, up by 3.01 per cent. The three biggest H-shares percentage decliners were China Gas Holdings Ltd, which has fallen 4.44 per cent, Guangzhou Automobile Group Co Ltd, which has lost 2.8 per cent, and Shenzhou International Group Holdings Ltd, down by 2.6 per cent.

In Hong Kong, the sub-index of the Hang Seng index tracking energy shares dipped 0.6 per cent, while the IT sector fell 0.6 per cent. The top gainer on the Hang Seng was Sino Biopharmaceutical Ltd, up 5.27 per cent, while the biggest loser was Shenzhou International Group Holdings Ltd, which was down 2.65 per cent.

(With inputs from agencies.)

Download The Devdiscourse News App for Latest News.



Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

How can technology help the future of mobility?

More than a billion people or one-third of the global rural population lacked access to all-season roads and transport services in 2016, subsequently hindering the socio-economic development....


Latest News

UPDATE 2-China may delay key parliament, political panel meetings

Chinas parliament and its top political consultative body are both considering delaying annual meetings set for March, state media said on Monday, as the country battles a coronavirus outbreak that has killed more than 1,700 people.The meet...

Imran Khan warns of new refugee crisis in Pakistan due to Indian govt's policies

Prime Minister Imran Khan on Monday warned that Pakistan may face another refugee crisis if the international community failed to take notice of the current situation in India. Speaking at the two-day refugee summit in Islamabad on 40 years...

Beijing autoshow postponed due to coronavirus

Beijing, Feb 17 AFP Organisers of Chinas biggest car show announced Monday the event was the latest to be postponed due to the outbreak of the deadly coronavirus. More than 70,000 people have been infected by the epidemic, which started in ...

World Bank, India sign $450m loan deal to boost groundwater institutions

The Government of India and the World Bank today signed a 450 million loan agreement to support the national programme to arrest the countrys depleting groundwater levels and strengthen groundwater institutions.The World Bank-supported Atal...

Give Feedback