Chinese stocks fall as Wall St slips, investors lock in profits
Chinese stocks snapped a three-game winning streak to fall on Tuesday as markets followed a volatile session on Wall Street overnight, with some investors locking in profits. The CSI300 index fell 0.1% to 4,440.33 at the end of the morning session, while the Shanghai Composite index lost 0.1% to 3,377.08.
The Hang Seng index fell 0.9% to 22,039.11. The Hong Kong Chinese Enterprise Index fell 0.7% to 7,763.75. **China will deploy tools in its policy reserve in a timely manner to deal with economic challenges as COVID-19 outbreaks and risks from the Ukraine crisis threaten employment and price stability, a senior government official said. state planner.
** US President Joe Biden and Chinese President Xi Jinping are expected to speak in the coming weeks, US National Security Adviser Jake Sullivan said, citing growing convergence among NATO and G7 members on the issue. challenge posed by China. ** “In the short term, the domestic economy is still in a bullish macroeconomic environment, where it is recovering from COVID-19 and liquidity remains loose,” said Lang Pincheng, managing director of the research department of Fortune & Royal. asset.
** “Although what deserves our attention is that – as we can see from the PMI, investment and consumption data in May – the economic rebound may not be able to sustain a reversal in “V” in most industries.” ** Property developers lost 1.7%, while autos jumped 2.9%.
**Hong Kong-listed tech giants fell 1.7%, with Tencent shedding nearly 5% on Dutch tech investor Prosus NV, which plans to cut its stake in the social media giant. ** “Many institutional investors have underestimated the impact on Hong Kong from US capital markets, there is still great uncertainty about the pace and magnitude of US rate hikes,” Guotai analysts said. Junan Securities, suggesting profit taking in recent days.
(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)