SHANGHAI: China stocks slipped on Friday, declining for the third straight week, as uncertainties in the Middle East reinforced a risk-averse mood ahead of a local holiday. Hong Kong market was closed for the Easter holiday.
China’s blue-chip CSI300 Index closed 0.9 percent lower, while the Shanghai Composite Index eased 1 percent.
The CSI300 Index ended the week 1.4 percent lower, extending declines to the third straight week.
China’s onshore market will be closed on Monday for the Qingming holiday.
Analysts at BOC International said markets have yet to see clear details on control of the Strait of Hormuz or efforts to resolve the oil supply chain crisis, keeping concerns over crude supplies elevated.
For onshore shares, external volatility is being transmitted largely through sentiment, while China’s still-low inflation and expectations of a pick-up in nominal prices this year could support domestic demand, the analysts said.
China’s services activity growth slowed in March from a 33-month high in February, as softer demand and a decline in overseas orders weighed on momentum, a private-sector survey showed on Friday.
Wuxi Apptec fell nearly 4 percent and the CSI 300 Health Care Index lost 1.9 percent, after US President Donald Trump ordered 100 percent tariffs on certain branded pharma imports and overhauled steel, aluminium and copper duties on Thursday.
Artificial intelligence-related shares were one of the few bright spots, rising 0.7 percent. Semiconductor stocks were roughly flat.
The CSI Energy Index fell 1.5 percent, while the CSI New Energy Index shed 2.4 percent despite surging oil prices.
Comments