24-05-2022, 02:53 PM
China shares slip as growth fears prompt foreign outflows
24 May 2022 12:52
24 May 2022 12:52
- SSEC -1.1%, CSI300 -1.14%, HSI -1.38%
- Outflows from foreign investors top 7.5 bln yuan
- China says it will take targeted steps to boost economy
- * At the midday break, the Shanghai Composite index was down 1.1% at 3,112.37.
- * China's blue-chip CSI300 index was down 1.14%, with its financial sector sub-index lower by 0.86%, and consumer staples sector down 1.08%.
- * The real estate index was 0.21% lower and the healthcare sub-index fell 2.45%.
- * Foreign investors were net sellers of A-shares on Tuesday, with Refinitiv data showing outflows of more than 7.5 billion yuan ($1.13 billion) through the Stock Connect programme
- * Chinese H-shares listed in Hong Kong fell 1.33% to 6,928.97, while the Hang Seng Index was down 1.38% at 20,187.37.
- * The smaller Shenzhen index was down 1.86%, the start-up board ChiNext Composite index was weaker by 1.95% and Shanghai's tech-focused STAR50 index was down 2.4%.
- * Automotive shares shook off the broader market gloom, with a sub-index tracking the sector rising 0.38%, after China said it would reduce some passenger car purchase taxes by 60 billion yuan.
- * The tax reduction is among a number of steps China's cabinet has pledged to support an economy wracked by widespread COVID-19 outbreaks that are hobbling an already-slowing economy....
- * But in a sign of the challenge of controlling the coronavirus, Beijing stepped up quarantine efforts to end a month-old outbreak in the capital....
- * News of the tax measures helped to lift Geely Automobile Holdings Ltd up 5.28% in Hong Kong, making it the top gainer on the Hang Seng.
- * The yuan was quoted at 6.6599 per U.S. dollar, 0.17% weaker than the previous close of 6.6488.