HONG KONG: China stocks tumbled on Thursday amid a global selloff in precious metals and technology stocks that rippled through local sectors, while turnover eased with a holiday season approaching.
The Shanghai Composite index slipped 0.6% to 4,075.92 points, and the blue-chip CSI300 index was also down 0.6%.
The renewed selloff in gold and silver triggered heavy losses across precious metals stocks.
The CSI SSH Gold Equity Index tumbled 4.7% and the CSI SWS Non-ferrous Metal Index was down 4.9%.
UBS SDIC Silver Futures Fund, the only silver futures fund in mainland China, hit the 10% daily limit down for the fourth consecutive day.
Tech shares also faltered following a global selloff. The CSI AI Index was down 1.5% and the semiconductor index declined 0.4%.
Trading volume on Shanghai and Shenzhen A-shares totalled 2.2 trillion yuan ($316.99 billion), the lowest since December 31, 2025.
“Liquidity is tightening seasonally before the Spring Festival (February 15-23), and investors may choose to reduce positions before the holiday to avoid overseas risks, putting downward pressure on indices,” analysts at Nanhua Futures wrote in a note.
Still, there’s a high probability of renewed strength after the holiday, especially strong policy support expectations provide solid underpinning, limiting downside space, they added. Solar-related shares also tumbled after multiple companies denied cooperation with Elon Musk.
The photovoltaic industry index slid 5.3%, and shares of Jinko Solar were down 6%.
Meanwhile, the CSI Bank Index added 1.6% and the liquor distillers added 0.3%.
In Hong Kong, benchmark Hang Seng closed up 0.1%, while Hang Seng Materials Index fell 4.6%.
Baidu’s Hong Kong-listed shares climbed 2.7%, the most in two weeks, on share buyback and dividend optimism. ‑Reuters
Comments