15:56 29.06.2020

China, Hong Kong shares fall on coronavirus concerns

Source: Reuters
China, Hong Kong shares fall on coronavirus concerns

China and Hong Kong stocks retreated on Monday as sharp spikes in new COVID-19 infections around the world raised concerns about a recovery in the global economy.

** At the midday break, the Shanghai Composite index was down 0.71% at 2,958.46 and the blue-chip CSI300 index 0.87%.

** The tech-heavy start-up board ChiNext Composite index was weaker by 0.63%.

** Chinese H-shares listed in Hong Kong fell 1.44% to 9,711.4, while the Hang Seng Index was down 1.59% at 24,159.69.

** Global markets will go through a new wave of fluctuations as the resurgence of the coronavirus outbreak changed optimism about the global economic recovery, analysts at AVIC Securities noted in report.

** The global death toll touched half a million people as the virus continued to spread unabatedly, forcing investors to look past upbeat profit data for China’s industrial firms. Profits rose for the first time in six months in May.

** China’s central bank said on Sunday the country’s economic growth faces challenges from the pandemic despite signs of improvement amid business re-openings.

** Securities shares led the decline on the mainland, following a media report that China plans to grant investment banking licenses to lenders.

** The CSI SWS securities index slumped 2.7%.

** Around the region, MSCI’s Asia ex-Japan stock index fell 1.21% and Japan’s Nikkei index 1.92%.

** The yuan was quoted at 7.079 per U.S. dollar, 0.02% weaker than the previous close of 7.0777.

** As of 0404 GMT, China’s A-shares were trading at a premium of 28.58% over the Hong Kong-listed H-shares. (Reporting by Luoyan Liu and Andrew Galbraith; editing by Uttaresh.V)

 

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