China stocks end lower on profit-taking, economic woes
- The blue-chip CSI300 index fell 1.1pc, to close at 3,995.88, while the Shanghai Composite Index lost 0.8pc to 2,920.90.
SHANGHAI: China stocks erased early gains and ended lower on Thursday, reflecting lingering concerns over the economy as some investors took profit after a strong rebound recently.
The blue-chip CSI300 index fell 1.1pc, to close at 3,995.88, while the Shanghai Composite Index lost 0.8pc to 2,920.90.
Shenzhen's start-up board ChiNext rose over 1pc to hit a three-month high the morning session, but reversed course in afternoon trade on profit-taking. The gauge ended the day down 0.3pc.
Investors are closely monitoring economic data to gauge health of the economy.
New bank lending in China fell more than expected in May but broader credit growth quickened as the central bank continues to ease policy to get the economy back on solid footing after the coronavirus crisis.
Mainland sentiment was negatively impacted by weakness in the Hong Kong market, where the main index fell roughly 2pc.
Asian markets broadly fell, after the US Federal Reserve predicted the US economy would shrink 6.5pc in 2020 and unemployment would still be at 9.3pc at the year's end.
Shares fell across the board in China. Energy, financials and consumer sectors were among the worst performers.