SHANGHAI: Chinese stocks were on the backfoot after returning from extended holidays on Monday, tracking subdued regional markets on overseas interest rate concerns, while investors awaited more economic data.
Broader Asian shares started the week softer, while the dollar firmed as investors weighed the timing of the Federal Reserve’s rate cuts in the wake of yet another blowout US jobs report.
Investors’ focus this week will be on the US consumer price index (CPI) report. In China, credit data, inflation readings and trade figures are also due this week.
The Shanghai Composite index closed down 0.72% at 3,047.05, while the blue-chip CSI 300 index was down 0.88% ** Financial sector, healthcare, real estate and consumer staples fell between 0.34% and 2.88%.
The smaller Shenzhen index ended down 1.78% and the start-up board ChiNext Composite index was weaker by 1.813%.
The MSCI Asia ex-Japan stock index was firmer by 0.16%, while Japan’s Nikkei index closed up 0.91%.
In Hong Kong, the Hang Seng index rose 8.93 points or 0.05% at 16,732.85. The Hang Seng China Enterprises index rose 0.09% to 5,868.97.
The tepid performance comes even as Hong Kong’s leader John Lee said on Monday that authorities were considering additional measures to bolster the Asian financial hub’s securities market, which has taken a hit from China’s economic slowdown and geopolitical tensions.
A sub-index tracking energy shares rose 0.7%, while the IT sector dipped 0.6%, the financial sector ended 0.13% higher and the property sector rose 0.2%.
Chinese property developer Shimao Group tumbled 18.7% after it said on Monday that China Construction Bank (Asia) had filed a liquidation petition against it in Hong Kong over its failure to repay loans of HK$1,579.5 million ($201.8 million).
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