2023-09-08 12:45:31
© Reuters. Screen shows stock indices in Shanghai 03/21/2023. REUTERS/Aly Song
SHANGHAI (Reuters) – China’s shares closed lower on Friday, as investor optimism about the world’s second-largest economy waned following the authorities’ stimulus policy, while the weakening of the market further pressured the stock market.
Meanwhile, the Hong Kong exchange said trading in bond and derivatives markets on Friday was canceled due to a storm warning.
The CSI300 index, which brings together the largest companies listed in Shanghai and , closed down 0.49%, while the Shanghai index fell 0.18%.
For the week, the CSI300 index lost 1.4% and the Hong Kong index fell 1%.
Trade balance figures released on Thursday showed a possible stabilization in China’s slowdown, but economists said the Chinese economy still risks missing Beijing’s annual growth target of around 5%. Some of the recent easing measures may have little impact on the slowing economy, they added.
The yuan fell on Friday to its weakest point since December 2007, hit by capital outflow pressures and a yield gap with major economies, especially the United States.
Shares in energy and media companies ended down 1.4% and 2.3% respectively.
. In TOKYO, the index retreated 1.16%, to 32,606 points.
. In HONG KONG, the HANG SENG index had no trades.
. In SHANGHAI, the index lost 0.18% to 3,116 points.
. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, dropped 0.49%, to 3,739 points.
. In SEOUL, the index lost 0.02% to 2,547 points.
. In TAIWAN, the index fell by 0.26% to 16,576 points.
. In SINGAPORE, the index lost 0.58% to 3,207 points.
. In SYDNEY the index fell 0.20%, to 7,156 points.
#China #stocks #close #optimism #fades #yuan #weakens #Reuters