SHANGHAI: China stocks ended lower on Tuesday, losses in the auto and gold mining sectors outweighed gains in healthcare shares. Hong Kong stocks edged up.
China’s blue-chip CSI300 Index closed down 0.5%, while the Shanghai Composite Index lost 0.2%. Hong Kong benchmark Hang Seng rose 0.4%.
Chinese automakers extended losses on Tuesday after Reuters reported that the country’s commerce ministry will meet with industry bodies and automakers, including BYD and Dongfeng Motor, to discuss the emerging trend of sales of “used cars” that were never driven.
The onshore Automobile Index fell more than 1%. Shenzhen-listed BYD shares dropped 2.3%, after tumbling 6% on Monday.
The spotlight will be on the auto sector this week after price competition intensified among electric car makers and an industry executive warned the sector was in an unhealthy state.
Also dragging onshore performance were shares of companies in the non-ferrous metals segment, which lost nearly 2%. Zijin Mining’s stock listed onshore dropped 3.7% after the company disclosed it wanted to spin off its overseas gold mines into a separate listing in Hong Kong. Meanwhile, both onshore- and offshore-traded healthcare stocks jumped, with Sunshine Guojian Pharmaceutical Shanghai soaring 15.3% and CSPC Pharma gaining 5.8%.
Comments
Comments are closed.