SHANGHAI: China stocks closed lower on Wednesday, tracking regional peers as US bond yields held near four-month highs, although data showed China’s services activity accelerated.
A powerful earthquake in Asia raised concerns about possible disruptions to the vital chip-making industry, denting sentiment in regional stock markets.
Markets are also pondering the risk of slower rate cuts ahead of US data and an appearance by the world’s most powerful central banker later in the day. Oil extended its ascent, while gold prices hit another record high.
China’s services activity growth accelerated in March as new business rose at the quickest pace in three months, a private-sector survey showed on Wednesday, following the better-than-expected manufacturing surveys, adding to signs that parts of China’s economy are gaining momentum in the first quarter.
At the close, the Shanghai Composite index was down 0.18% at 3,069.30 points.
China’s blue-chip CSI300 index was down 0.36%, with its financial sector sub-index lower by 0.73%, the consumer staples sector up 0.14%, the real estate index down 1.38% and the healthcare sub-index down 0.63%.
At the close of trade, the Hang Seng index was down 1.22% at 16,725.10 points. The Hang Seng China Enterprises index fell 1.44% to 5,874.99 points.
The smaller Shenzhen index ended down 0.66% and the start-up board ChiNext Composite index was weaker by 1.079%.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.86%, while Japan’s Nikkei index closed down 0.97%.
The yuan was quoted at 7.2357 per dollar as of 0811 GMT, 0.05% weaker than the previous close of 7.232.
Chinese financial markets will be closed for the tomb sweeping holiday from Thursday, with trading resuming on Monday, April 8.
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