Chinese stocks saw their largest single-day percentage drop in a month on Tuesday as market participants still worried about the country’s slowing economic recovery, while a weakening yuan and geopolitical risks also kept sentiment fragile of investors.
The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, fell 1.41%, while the Shanghai index fell 1.52%. Hong Kong’s Hang Seng Index fell 1.25%.
“Financial markets are losing confidence in China’s economic recovery,” Wei He, an economist at Gavekal Dragonomics, said in a statement, as data last week showed April industrial production and retail sales growth were lower than forecast, suggesting the economy is losing steam.
The yuan weakened again on Tuesday, flirting with new five-month lows, weighed down by China’s weak recovery and hawkish comments from US central bankers backing the dollar.
. In TOKYO, the Nikkei index fell by 0.42% to 30,957 points.
. In HONG KONG, the HANG SENG index fell by 1.25% to 19,431 points.
. In SHANGHAI, the SSEC index lost 1.52% to 3,246 points.
. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, fell by 1.41% to 3,913 points.
. In SEOUL, the KOSPI index appreciated by 0.41%, to 2,567 points.
. In TAIWAN, the TAIEX index rose 0.04% to 16,188 points.
. In SINGAPORE, the STRAITS TIMES index gained 0.22% to 3,218 points.
. In SYDNEY, the S&P/ASX 200 index fell 0.05% to 7,259 points.
Source: Terra
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