SHANGHAI, Sep 30 (Businesshala) – China shares closed lower on Thursday as weaker-than-expected September factory activity sparked hopes of more policy easing, after efforts by Beijing to allay fears of a power shortage. Deeper areas accelerated.
** The Shanghai Composite Index rose 0.9% to 3,568.17. The blue-chip CSI300 index gained 0.7% to 4,866.38.
** Quarterly, the CSI300 index dropped 6.8%, the biggest loss since the first quarter of 2020.
** China’s factory activity unexpectedly shrank in September as high raw material prices and power cuts put pressure on manufacturers in the world’s second-largest economy, while the services sector expanded as the COVID-19 outbreak slowed .
** “Going into 4Q, we expect government bond net issuance to support infrastructure investments to remain elevated at approximately Rmb900bn per month, which is followed by the 3Q GDP release at the end of October by another 50bps reserve requirement The ratio is likely to be cut,” Morgan Stanley said in a statement. pay attention.
** Stocks hit by power shortages surge again as China moves to supply coal ahead of the winter season.
** The coal index rose 3.8%, while the power-intensive sectors, non-ferrous metals, steel and chemicals, each increased by more than 2%.
** China’s central bank said that the real estate sub-index rose 1.2%, financial institutions should maintain stable and healthy development of the property market and protect consumer rights.
** “As policy for the property market is already down and are expected to see more favorable policy ahead, we think it is a good time to link both the China property and asset management sectors,” CGS-CIMB Securities said.
** Shares of new energy vehicles rose 4.8%.
** Consumer staples and tourism added as China welcomes the week-long National Day holiday beginning October 1. (Reporting by Shanghai Newsroom; Editing by Barbara Lewis)