SHANGHAI: China stocks closed down on Friday, tracking global markets lower as strong US economic data overnight bolstered the prospect of interest rates staying higher for longer, damping risk appetite.
Also denting investor sentiment, China’s military carried out a second day of war games around Taiwan on Friday, with drills to test their ability to “seize power” and control key areas, exercises it said were launched to punish Taiwan’s President Lai Ching-te.
At the close, the Shanghai Composite index was down 0.88% at 3,088.87.
The blue-chip CSI300 index was down 1.11%, with its financial sector sub-index lower by 1.37%, the consumer staples sector down 1%, the real estate index down 3.58% and the healthcare sub-index down 1.23%.
The Hang Seng index was down 259.77 points or 1.38% at 18,608.94. The Hang Seng China Enterprises index fell 1.44% to 6,605.24.
For the week, the CSI 300 lost 2.1%, after five weeks of gains, while the Hang Seng fell 4.8%.
The smaller Shenzhen index ended down 1.1% and the start-up board ChiNext Composite index was weaker by 1.809%.
The sub-index of the Hang Seng tracking energy shares rose 0.7%, while the IT sector dipped 1.76%, the financial sector ended 1.16% lower and the property sector dipped 2.72%.
The Hang Seng Tech Index dropped 2.5% and the Hang Seng Mainland Properties Index slumped 4.3%.
Hong Kong shares of Alibaba Group Holding Ltd slipped 0.6%, logging the fifth straight session of decline, after the Chinese e-commerce giant said on Thursday it would sell convertible bonds to raise about $4.5 billion and planned to use some of the proceeds to repurchase American Depositary Shares.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.9%, while Japan’s Nikkei index closed down 1.17%.
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