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Consumers, finance drag Chinese stocks as tech hits Hong Kong

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Shanghai-Thursday Chinese stocks have weighed on pessimistic economic outlook, and Hong Kong’s benchmark index has tracked sharp Wall Street sales after the index’s heavy Tencent reported disappointing results.

** At noon, China’s CSI 300 Index fell 0.25% to 3,981.75 points, reducing previous losses. The Shanghai Composite Index fell 0.08% to 3,083.39 points.

** The CSI300 financial sector subindex was down 0.34%, the consumer staple sector was down 1.15% and the healthcare subindex was down 0.77%.

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** Consumer companies are questioning how the country will contribute to future world trade and investment, partly due to strict zero COVID rules that have diminished economic outlook.

** Hong Kong-listed Chinese H shares fell 2.28% to 6,927.44, while the Hang Seng Index fell 2.25% to 20,179.30.

** Technology companies led losses in Hong Kong, Hansen Tech index fell 3.4% at noon and Tencent Holdings fell 6.62%.

** Tencent, which was hit by crackdowns on regulations on major Internet companies, said on Wednesday that quarterly profits had halved from a year ago and earnings were stagnant.

** The small Shenzhen index was flat, the startup board ChiNext Composite index was weaker by 0.12%, and the Shanghai technology-focused STAR50 index was up 1.51%.

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** Given some hope to investors, Shanghai authorities announced on Thursday more plans to end the blockade.

** Relaxing COVID restrictions could stimulate foreign interest in A-shares, said Andy Maynard, head of equity for the Chinese Renaissance in Hong Kong.

** “What else could be wrong with this market that hasn’t been priced yet?” He said.

** So far this year, Shanghai’s stock index has fallen 15.3% and CSI300 has fallen 19.4%, while Hong Kong-listed China’s H-share index has fallen 15.9%.

** Foreign investors on Thursday are net buyers of A-shares, and Refinitiv data show an inflow of over 2.7 billion yuan ($ 399.54 million) through Stock Connect.

($ 1 = 6.7578 Chinese RMB) (Report by Andrew Galbraith)



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Consumers, finance drag Chinese stocks as tech hits Hong Kong

Source link Consumers, finance drag Chinese stocks as tech hits Hong Kong

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