SHANGHAI: China stocks closed down on Tuesday, led by cyclical shares, as Beijing’s measures to lift the country’s struggling property sector failed to boost sentiment. Hong Kong shares also fell as technology shares weighed.
Non-ferrous metal shares traded in China dropped 3.3%, after rallies in the past two sessions.
The impact of recent policy moves, including local state-owned enterprises’ (SOEs) home-buying plans and some higher-tier cities’ removal of purchase curbs on reviving national home sales remains uncertain, Fitch Ratings noted.
The CSI 300 real estate index was down 0.2%, on track to reverse the upward trend since late April.
Hong Kong-listed tech giants were down 3.8%, the largest one-day drop since March 5.
At the close, the Shanghai Composite index was down 0.42% at 3,157.97.
The blue-chip CSI300 index was down 0.4%, with the consumer staples sector down 0.1%, the real estate index down 0.18% and the healthcare sub-index down 0.78%. The financial sector sub-index rose 0.21%.
The smaller Shenzhen index ended down 0.75% and the start-up board ChiNext Composite index was weaker by 0.77%.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.88%, while Japan’s Nikkei index closed down 0.31%.
At the close of trade, the Hang Seng index was down 415.60 points or 2.12% at 19,220.62. The Hang Seng China Enterprises index fell 2.07% to 6,820.97.
The sub-index of the Hang Seng tracking energy shares dipped 0.9%, while the IT sector dipped 2.56%, the financial sector ended 1.28% lower and the property sector dipped 1.88%.
The biggest loser on the Hang Seng was Li Auto Inc, which fell 19.27%, tracking its shares listed in New York.
At 0755 GMT, the yuan was quoted at 7.2385 per US dollar, 0.06% weaker than the previous close of 7.2342.
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