AGL 7.99 Decreased By ▼ -0.01 (-0.13%)
ANL 11.22 Decreased By ▼ -0.10 (-0.88%)
AVN 84.96 Increased By ▲ 1.51 (1.81%)
BOP 6.08 Increased By ▲ 0.23 (3.93%)
CNERGY 5.78 Decreased By ▼ -0.07 (-1.2%)
EFERT 80.15 Increased By ▲ 0.05 (0.06%)
EPCL 65.94 Decreased By ▼ -1.35 (-2.01%)
FCCL 15.00 Decreased By ▼ -0.20 (-1.32%)
FFL 7.06 Increased By ▲ 0.02 (0.28%)
FLYNG 7.60 Decreased By ▼ -0.17 (-2.19%)
GGGL 11.70 Decreased By ▼ -0.20 (-1.68%)
GGL 17.40 Decreased By ▼ -0.25 (-1.42%)
GTECH 9.26 Increased By ▲ 0.08 (0.87%)
HUMNL 7.23 Increased By ▲ 0.03 (0.42%)
KEL 3.43 Decreased By ▼ -0.07 (-2%)
LOTCHEM 30.37 Decreased By ▼ -0.58 (-1.87%)
MLCF 28.49 Decreased By ▼ -0.03 (-0.11%)
OGDC 84.84 Decreased By ▼ -0.36 (-0.42%)
PAEL 16.89 Decreased By ▼ -0.22 (-1.29%)
PIBTL 6.05 Decreased By ▼ -0.10 (-1.63%)
PRL 19.84 No Change ▼ 0.00 (0%)
SILK 1.26 Decreased By ▼ -0.03 (-2.33%)
TELE 12.04 Decreased By ▼ -0.01 (-0.08%)
TPL 9.06 Decreased By ▼ -0.10 (-1.09%)
TPLP 20.24 Increased By ▲ 0.05 (0.25%)
TREET 26.81 Decreased By ▼ -0.29 (-1.07%)
TRG 97.60 Increased By ▲ 0.30 (0.31%)
UNITY 22.85 Increased By ▲ 0.02 (0.09%)
WAVES 13.22 Decreased By ▼ -0.07 (-0.53%)
WTL 1.45 No Change ▼ 0.00 (0%)
BR100 4,335 Decreased By -26.4 (-0.61%)
BR30 15,981 Decreased By -27.6 (-0.17%)
KSE100 43,271 Decreased By -210.9 (-0.48%)
KSE30 16,399 Decreased By -77 (-0.47%)
Markets

China stocks retreat from 5-yr high as consumer, property shares weigh

  • The blue-chip CSI300 index closed 0.6pc lower at 4,974.29, while the Shanghai Composite Index declined 0.3pc to 3,402.82.
Published November 24, 2020

SHANGHAI: China stocks ended lower on Tuesday, as investors locked in profit following a recent rally, while the market showed scant reaction to news that U.S. President-elect Joe Biden was given the go-ahead to begin his White House transition.

Analysts said a Biden presidency, which could mean more negotiation room for Washington and Beijing, would not make a big difference for China's equities market, as they expected little change in U.S. policy towards China.

The blue-chip CSI300 index closed 0.6pc lower at 4,974.29, while the Shanghai Composite Index declined 0.3pc to 3,402.82.

The index retreated from its highest level in more than five years hit on Monday.

The CSI300 real estate index and the CSI300 consumer discretionary index fell 0.8pc and 1.6pc, respectively.

Jinke Property Group Co Ltd, Mango Excellent Media Co Ltd and Midea Group Co Ltd dropped between 2pc and 5.7pc.

U.S. President Donald Trump tweeted that he had told his team "do what needs to be done with regard to initial protocols", an indication he was moving toward a transition after weeks of legal challenges to the election results.

"Whether it's Trump or Biden, there would be limited impact on the A-share market," said Liu Hongming, a fund manager at Beijing-based Dingxin Huijin Investment Management Co.

"The Sino-U.S. strategic competition and friction will stay whoever the president is," Liu added.

Analysts continued to recommend cyclical players with low valuations on hopes of a coronavirus vaccine-led recovery.

For the short term, due to the impact from bond defaults and tight liquidity conditions, investors should pay attention to stocks with solid fundamentals, low valuations and high dividend yields, Industrial Securities said in a report.

Comments

Comments are closed.