SHANGHAI: Chinese stocks extended their decline on Monday, following five consecutive weekly losses, as risk sentiment remained weak after recent data showed sluggish economic recovery and policy signals from a top meeting failed to excite investors.
The blue-chip CSI 300 Index and the Shanghai Composite Index both closed down 0.4%.
Hong Kong’s Hang Seng Index declined 1%, and the Hang Seng China Enterprises Index fell 1.2%.
Asian stocks slipped in a subdued start to a week where Japan’s central bank might edge further away from its uber-easy policies, while a key reading on US inflation is expected to underpin market pricing of interest rate cuts.
The tone of the annual Central Economic Work Conference last week remained pro-growth, but “there was not much detail on specific easing measures, especially in the property market,” Goldman Sachs said in a note.
Recent economic data is mixed, but the macro picture of a weak property market and reluctant policy easing remains unchanged, Goldman Sachs added.
Most sectors in mainland markets fell, with semiconductors, new energy, media and tourism down between 1.6% and 2.4% and leading declines.
Shares of Shanghai Guijiu Co, a spirit maker connected to struggling wealth manager Hywin, dropped 10% by the daily lower limit to its lowest level since April 2021.
In Hong Kong, stocks in tech giants retreated 1.3%, and mainland developers declined 2.3%.
Shares of artificial intelligence (AI) software developer SenseTime Group dropped 11.1% after the firm’s founder Tang Xiaoou died late on Friday.
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