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Markets

China shares slip as foreign investors turn sellers

  • The consumer staples sector fell 2.44%, the real estate index shed 1.69% and the healthcare sub-index slumped 2.97%
23 Jul 2021

SHANGHAI: China shares fell on Friday, trimming gains for the week, as consumer staples and health care firms slipped and foreign investors turned net sellers, while developer Evergrande extended its losses in Hong Kong.

** At the midday break, the Shanghai Composite index was down 0.65% at 3,551.55 points, trimming its gains for the week to 0.35%. China's blue-chip CSI300 index was down 1.08% on the day, but up 0.5% for the week.

** The consumer staples sector fell 2.44%, the real estate index shed 1.69% and the healthcare sub-index slumped 2.97%.

China shares fall as Beijing stands pat on benchmark lending rate

** Chinese H-shares listed in Hong Kong fell 1.03% to 9,903.52, while the Hang Seng Index was down 0.99% at 27,448.23. The property sector fell 0.87%.

** Property sector sentiment took a hit as China Evergrande Group shares declined 4.87%, extending falls for the week to more than 24% on concern over its finances.

** Evergrande shares were on track for their biggest weekly drop since plunging more than 26% in late September 2011, when a government crackdown on developers' funding sources heightened concern over Evergrande's financing ability.

** Foreign investors snapped a four-day streak of net buying of A-shares, as they became net sellers through the Stock Connect scheme through Hong Kong, Refinitiv data showed

** The smaller Shenzhen index was down 1.37%, the start-up board ChiNext Composite index was weaker by 1.78% and Shanghai's tech-focused STAR50 index was down 1.5%?.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.56%.

** The yuan was quoted at 6.4723 per US dollar, 0.03% weaker than the previous close of 6.4701.

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