SHANGHAI: China and Hong Kong stocks closed lower on Wednesday, led by oil and maritime shipping companies as investor sentiment remained risk-off amid the escalating Middle East conflict.
Worries that a wider conflict could trigger an energy shock, lift inflation and delay rate cuts weighed on Asian markets. Focus also turned to announcements from the annual parliamentary meeting due this week for policy signals.
China’s blue-chip CSI300 Index ended 1.1 percent lower, while the Shanghai Composite Index lost 1 percent.
Hong Kong’s benchmark Hang Seng index hit a six-month low during Wednesday’s session, falling 2 percent. Onshore selling was led by oil, maritime transport and port stocks.
The CSI Oil and Gas Industry Index dropped 2.8 percent after China Petroleum & Chemical, CNOOC and PetroChina issued abnormal-trading notices following more than 20 percent gains over the past three sessions; the firms said operations are normal and cautioned on geopolitical uncertainty in crude prices.
Nanjing Port slumped 10 percent, while Ningbo Marine dropped 8.6 percent.
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