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China and Hong Kong stocks tumble as traders await signs of stabilization and measures

Chinese and Hong Kong stocks closed lower on Tuesday despite recent data showing signs of stabilization in the world’s second-largest economy, with investors waiting for further clues on the recovery and government measures.

The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, and the Shanghai index each fell 0.18%. Hong Kong’s Hang Seng Index fell 0.39%.

Data on Monday showed new bank loans in China nearly quadrupled in August compared to July, beating expectations. Data on Saturday showed easing deflationary pressures amid signs of economic stabilization.

“Continued improvement in economic indicators will gradually repair negative investor sentiment,” analysts at Sinolink Securities said.

However, they stressed that, in the short term, the market will remain in a tight range, given the still weak economic and liquidity situation.

. In TOKYO the Nikkei index advanced by 0.95%, to 32,776 points.

. In HONG KONG the HANG SENG index fell by 0.39% to 18,025 points.

. IN SHANGHAI the SSEC index lost 0.18%, to 3,137 points.

. The CSI300 index, which brings together the major companies listed in SHANGHAI and SHENZHEN, fell by 0.18% to 3,760 points.

. In SEOUL the KOSPI index fell by 0.79% to 2,536 points.

. In TAIWAN the TAIEX index recorded an increase of 0.85%, to 16,572 points.

. IN SINGAPORE the STRAITS TIMES index fell by 0.12% to 3,214 points.

. In SYDNEY the S&P/ASX 200 index advanced by 0.20% to 7,206 points.

Source: Terra

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