SHANGHAI: China stocks snapped a three-session winning streak to edge lower on Tuesday, as markets tracked a volatile Wall Street session overnight, with some investors locking in profits.
The CSI300 index fell 0.1% to 4,440.33 at the end of the morning session, while the Shanghai Composite Index lost 0.1% to 3,377.08.
The Hang Seng index dropped 0.9% to 22,039.11. The Hong Kong China Enterprises Index lost 0.7% to 7,763.75.
** China will roll out tools in its policy reserve in a timely way to cope with economic challenges, as COVID-19 outbreaks and risks from the Ukraine crisis pose a threat to employment and price stability, a state planner official said.
** US President Joe Biden and Chinese President Xi Jinping are expected to speak in the next few weeks, US national security adviser Jake Sullivan said, citing growing convergence among NATO and G7 members about the challenge China poses.
** “In the short term, domestic economy is still in an upward macro environment, where it is recovering from COVID-19 and liquidity remains loose,” said Lang Pincheng, general manager of research department at Fortune & Royal Asset.
** “While what needs attention is that — as we can tell from PMI, investment and consumption data in May — the economic rebound might not be able to support a ‘V-shape’ reversal in most industries.”
** Real estate developers lost 1.7%, while automobiles jumped 2.9%.
** Tech giants listed in Hong Kong lost 1.7%, with Tencent slumping nearly 5% on Dutch technology investor Prosus NV’s, plan to trim its stake in the social media giant.
** “Many institutional investors underestimated the impact on Hong Kong from the US capital markets, there is still large uncertainty in the pace and extent of US rate hikes,” said analysts from Guotai Junan Securities, suggesting profit-taking in the recent days.
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