China stocks fall as slowing property sector weighs on economic outlook

- Advertisement -


SHANGHAI, Nov 15 (Businesshala) – Shares in China fell on Monday, as data showed slowing growth in asset investments and sales, weighing on the economic outlook. Trading resumed on China’s Beijing Stock Exchange, with new shares rising up to six times.

- Advertisement -

The CSI300 index fell 0.4% to 4,870.47 at the end of the morning session, while the Shanghai Composite Index fell 0.4% to 3,526.71.

- Advertisement -

The Hang Seng index fell 0.1% to 25,293.82 points. The Hong Kong China Enterprises Index fell 0.7% to 9,047.59.

** China’s industrial production and retail sales grew faster than expected in October, despite the COVID-19 outbreak and new restrictions to control supply shortages, but the property sector weighed on the economic outlook.

- Advertisement -

** Property investment and sales growth slowed in January-October compared to the prior nine months, and new construction starts as measured by floor area.

** The asset sector slowdown is worsening,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management, adding that “there were significant risks to the macro outlook over the next few quarters.”

** “Any reasonable relaxation of funding restrictions for developers will help support China’s growth momentum in Q4,” said Ken Cheung, chief Asian FX strategist at Mizuho Bank.

** Trading on China’s Beijing Stock Exchange began on Monday, with shares of 10 companies that recently conducted an initial public offering (IPO) on the new exchange soared up to six times and triggered circuit breakers.

** Real estate firms, new energy stocks and machinery stocks went down between 2.5% and 4%.

** The Healthcare sub-index and the Media sub-index grew by 1.7% and 3.7%, respectively.

** Securities firms shed 0.6%, but Industrial Securities said in a note that the establishment of the Beijing Exchange would provide more opportunities for brokers, especially for the investment banking business.

** In the Hong Kong market, Country Garden Services Holdings fell 5.6%, the biggest percentage drop on the Hang Seng Index, and the Hang Seng Mainland Properties Index declined 3.6%.

** The Hang Seng Tech Index rose 0.5%, but shares in the sector were mixed. Alibaba Group and Meituan lost 1.1% and 0.4%, while Tencent Holdings declined 1.8%. (Reporting by Shanghai Newsroom; Editing by Uttaresh V)

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox