SHANGHAI: Shares in China and Hong Kong fell on Tuesday, dragged down by consumer stocks, after tensions escalated between the West and Russia over Ukraine, pushing investors away from riskier assets.
** China's Ambassador to the United Nations called all parties concerned in the Ukraine crisis to exercise restraint and avoid any action that might fuel tensions, after Russian President Vladimir Putin recognised two breakaway regions in eastern Ukraine as independent.
** By the midday break, the Shanghai Composite index fell 1.36% to 3,443.15 while the blue-chip CSI300 index was down 1.63%.
** Leading the losses, consumer staples sector slumped 2.94%, while the CSI Transport index dropped 2.82%.
** Global investors dumped equities of Chinese A-share index heavy weights including Kweichow Moutai, the biggest drag on the blue-chip index.
** Refinitiv data showed outflows through Northbound leg of Stock Connect topping 8.39 billion yuan ($1.32 billion) as of midday.
** Chinese H-shares listed in Hong Kong fell 2.88% to 8,212.26, while the Hang Seng Index fell 2.95% to 23,456.63. Both are heading for their biggest daily falls since Sept. 20.
** The smaller Shenzhen index was down 1.53%, the start-up board ChiNext Composite index was weaker by 1.61% and Shanghai's tech-focused STAR50 index was down 0.96%?.
** Shares in most Chinese gold miners including Zhongjin Gold Corp and Western Region Gold Co jumped, bucking a broader market slump, as gold prices hit a near nine-month high.
** Among other developments, China's top six banks had cut mortgage rates by 20 basis points from Monday in Guangzhou.
** Around the region, MSCI's Asia ex-Japan stock index was weaker by 2.02% while Japan's Nikkei index was down 2.08%.
** The yuan was quoted at 6.3439 per dollar, 0.14% weaker than the previous close of 6.3352.
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