AGL 6.75 Decreased By ▼ -0.15 (-2.17%)
ANL 9.88 Increased By ▲ 0.11 (1.13%)
AVN 76.76 Decreased By ▼ -0.06 (-0.08%)
BOP 5.50 Increased By ▲ 0.01 (0.18%)
CNERGY 5.08 Increased By ▲ 0.03 (0.59%)
EFERT 78.99 Decreased By ▼ -0.84 (-1.05%)
EPCL 56.95 Decreased By ▼ -0.53 (-0.92%)
FCCL 15.37 Increased By ▲ 0.07 (0.46%)
FFL 6.55 Increased By ▲ 0.07 (1.08%)
FLYNG 7.38 Increased By ▲ 0.04 (0.54%)
GGGL 10.70 Decreased By ▼ -0.05 (-0.47%)
GGL 17.10 Increased By ▲ 0.16 (0.94%)
GTECH 8.40 Increased By ▲ 0.10 (1.2%)
HUMNL 6.56 Increased By ▲ 0.11 (1.71%)
KEL 3.06 Increased By ▲ 0.04 (1.32%)
LOTCHEM 29.29 Increased By ▲ 0.14 (0.48%)
MLCF 28.45 Increased By ▲ 0.15 (0.53%)
OGDC 76.40 Decreased By ▼ -0.13 (-0.17%)
PAEL 15.87 No Change ▼ 0.00 (0%)
PIBTL 5.41 Decreased By ▼ -0.02 (-0.37%)
PRL 17.87 Increased By ▲ 0.18 (1.02%)
SILK 1.09 Increased By ▲ 0.01 (0.93%)
TELE 10.79 Decreased By ▼ -0.03 (-0.28%)
TPL 8.65 Increased By ▲ 0.05 (0.58%)
TPLP 22.21 Increased By ▲ 1.02 (4.81%)
TREET 24.00 Increased By ▲ 0.20 (0.84%)
TRG 126.75 Decreased By ▼ -0.75 (-0.59%)
UNITY 22.95 Decreased By ▼ -0.15 (-0.65%)
WAVES 11.67 Increased By ▲ 0.04 (0.34%)
WTL 1.16 Increased By ▲ 0.02 (1.75%)
BR100 4,178 Increased By 4.6 (0.11%)
BR30 15,776 Decreased By -30.3 (-0.19%)
KSE100 41,610 Increased By 92.1 (0.22%)
KSE30 15,594 Increased By 31.9 (0.2%)
Markets

China stocks snap uptrend as consulate closure sets stage for profit taking

  • The smaller Shenzhen index was flat while the start-up Chinext board gained 1.1pc
Published July 23, 2020
Follow us

HONG KONG: Chinese shares fell on Thursday, snapping a four-day win streak, after an abrupt US order for closure of the Chinese consulate in Houston stoked geopolitical tensions and offered exits for investors who profited from the market's recent rally.

The Shanghai Composite Index fell 0.2pc to 3,325.11 and the blue-chip CSI300 index was pretty much flat. Both benchmarks flitted in and out of positive territory during the session.

The smaller Shenzhen index was flat while the start-up Chinext board gained 1.1pc

The United States gave China 72 hours to close its consulate in Houston amid accusations of spying.

China called the move "unprecedented escalation". A source said Beijing was considering shutting the US consulate in Wuhan.

"Tension between the US and China is not something that's coming as a surprise. This is normal profit taking in my opinion," said Frank Benzimra, head of Asia equity strategy at Societe Generale in Hong Kong.

Zhang Qi, Shanghai-based analyst at Haitong Securities, said many companies were over-valued in the market's recent rebound while the expiry of IPO lockup periods added pressure.

A-shares worth 711 billion yuan ($101.61 billion) will be freed from such lockups in the next one month, including 324 billion yuan from the nascent Nasdaq-style STAR board, according to a report from China Renaissance.

An index that tracks the 50 most representative stocks on STAR was published for the first time on Thursday. It fell 0.2pc.

The CSI300 real estate index fell 2.3pc as more cities tightened home purchase curbs.

About 40.70 billion shares were traded on the Shanghai exchange, compared with the previous trading session's 39.33 billion.

The Shanghai stock index is up 9pc this year and the CSI300 has risen 15pc. Shanghai stocks are up 11pc this month.

Comments

Comments are closed.