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Markets

China stocks fall on fresh virus wave concerns; start-up index hits near 4-mth high

  • At the close, the Shanghai Composite index was down 1.02pc, while the blue-chip CSI300 index was down 1.2pc.
Published June 15, 2020

SHANGHAI: China's major indexes ended lower on Monday, weighed down by wider losses in other markets in the region, over growing concerns about the resurgence of the coronavirus outbreak.

At the close, the Shanghai Composite index was down 1.02pc, while the blue-chip CSI300 index was down 1.2pc.

Around the region, MSCI's Asia ex-Japan stock index was weaker by 2.39pc, while Japan's Nikkei index closed down 3.47pc.

After weeks with almost no new coronavirus infections, Beijing has recorded dozens of new cases in recent days, all linked to a major wholesale food market, raising concerns about a resurgence of the disease.

The fresh outbreak could dampen risk appetite in the short term, weighing on cyclical industries which heavily rely on restarting of work and production, though the impact on China's economy would be limited given its effective measures, Li Lifeng, an analyst with Zheshang Securities, wrote in a note.

New reforms in capital markets boosted the tech-heavy start-up board, which rose 0.6pc to end at its highest closing level since Feb. 25. It has climbed more than 23pc this year.

China has finalised new rules for companies looking to list on Shenzhen's ChiNext board, streamlining the listing process and allowing IPO pricing to be fully market determined.

"We expect structural capital market reforms to accelerate in China, helping reshape the investment landscape for new economy stocks listed both on the A-share market and offshore markets, and further spur a recovery in sentiment," analysts at China Renaissance noted in a report.

At 0659 GMT, the yuan was quoted at 7.0972 per US dollar, 0.16pc weaker than the previous close of 7.0859.

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