COVID limitations continue to hurt China’s top equities

COVID limitations continue to hurt China's top equities

The CSI Automobiles Index fell 1.36%. New customs data released Monday showed coal imports dropping in the January-April period as COVID-19 control measures dampened demand. China’s biggest city is tightening its lockdown in a fresh push to eliminate infections outside quarantined areas by late this month, people familiar with the matter told Reuters. Markets in Hong Kong are closed on Monday for a public holiday. The smaller Shenzhen index was up 0.41%, the start-up board ChiNext Composite index was weaker by 0.35% and Shanghai’s tech-focused STAR50 index was up 0.52%​. Around the region, MSCI’s Asia ex-Japan stock index was 1.22% weaker while Japan’s Nikkei index was down 2.09%. Around midday in China, the yuan was quoted at 6.7073 per U.S. dollar, having touched a new 18-month low earlier in the session. So far this year, the Shanghai stock index is down 17.5%​ and the CSI300 has fallen 21.4%. Shanghai stocks have declined 1.49% this month.

On Monday, Chinese blue-chip stocks slumped as market concerns about the economic impact of COVID-19 lockdowns grew, with new trade data indicating lackluster demand. ** China’s blue-chip CSI300 index was down 0.65% at 3,883.51 points at lunchtime, while the Shanghai Composite index was unchanged at 3,001.62 points. The financial sector sub-index of the CSI300 lost 0.53 percent, while the consumer staples sector fell 1.7 percent. ** Concerns over the spreading impact of COVID-19 curbs were among the biggest losers on Monday, with a sub-index tracking the sector down 2.61 percent. Kweichow Moutai Co Ltd, the index’s heavyweight, plummeted 2.36 percent, the most on the CSI300. Chinese automakers plummeted as an industry organization estimated that April sales were down 48% year on year, and COVID-19 was zero.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Bandhan Bank Q4AF22 income increases 43% to Rs 3,504.2 cr;  profit at Rs 1,902.3 cr
Bandhan Bank Q4AF22 income increases 43% to Rs 3,504.2 cr; profit at Rs 1,902.3 cr
On asset quality, there was a slight improvement with the gross non-performing assets (NPAs) falling to 6.46 per cent of the gross advances as of March 31, ...
Walmart and Amazon branded infant formulas are expected to be in short supply for the rest of 2022
Walmart and Amazon branded infant formulas are expected to be in short supply for the rest of 2022
At the request of the U.S. Food and Drug Administration, Perrigo is focusing on four items, the store-brand versions of Similac Pro Sensitive and Pro Advance ...
PM Modi takes aim at Congress, claiming BJP-led government has restored faith in youth's innovative skills
PM Modi takes aim at Congress, claiming BJP-led government has restored faith in youth’s innovative skills
“After 2014, we revived the spirit of innovation in India’s youth. We focused on ‘idea, innovation and industry’. First, we invested in infrastructure and ...
UCO Bank Q4 net profit jumps more than 3 times to Rs 312 cr as bad loans fall
UCO Bank Q4 net profit jumps more than 3 times to Rs 312 cr as bad loans fall
For the full fiscal FY22, the bank’s net profit grew more than five times to Rs 930 crore from Rs 167 crore in FY21. State-owned UCO Bank on Friday posted ...
Tata Motors shares jump more than 8% after net loss reduction in 4Q22
Tata Motors shares jump more than 8% after net loss reduction in 4Q22
Home-grown auto major Tata Motors on Thursday reported narrowing of consolidated net loss at Rs 992.05 crore in the fourth quarter ended March 2022, amid ...
US economic outlook weakens, inflation likely to persist
Inflation sees the Fed’s path tilt a little
Meanwhile the consensus view on the unemployment rate in the next two years ticked up to just 3.8% from the current 3.6%, an outcome that would enthuse Fed ...
Air India's next CEO is Wilson has left the SIA group
Air India’s next CEO is Wilson has left the SIA group
Wilson, 50, has 26 years of aviation industry expertise across both full service and low-cost airlines. He is the founding CEO of low-cost airline Scoot, a ...
Aeroflot buys eight stranded Airbus from foreign leasing companies
Aeroflot buys eight stranded Airbus from foreign leasing companies
Aeroflot did not specify which firms the aircraft had been leased from. But the purchase could be a bid to maintain good relations with lessors by making use ...
Shanghai declares victory over COVID, lifting Chinese stocks
Shanghai declares victory over COVID, lifting Chinese stocks
For the week, the CSI300 index gained 2%, its biggest jump in six weeks, since Shanghai entered a city-wide lockdown. The Shanghai Composite Index climbed ...
Maruti Suzuki designs Rs 11,000 cr for new factory in Haryana
Maruti Suzuki designs Rs 11,000 cr for new factory in Haryana
The new plant’s first phase with a manufacturing capacity of 2.5 lakh units per annum is expected to be commissioned by 2025, subject to administrative ...
Show next
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo