China stocks end lower as rough US talks dent risk appetite

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China stocks end lower as rough US talks dent risk appetite


BEIJING: Chinese equities ended lower on Friday, marking a weekly loss of 1.4 per cent, after a rough start to China-U.S. bilateral talks prompted heavy selling as risk sentiment soured.

At the close, the Shanghai Composite index was down 1.69 per cent at 3,404.66, while the blue-chip CSI300 index closed 2.62 per cent lower. The financial sector sub-index ended lower by 2.51 per cent, the consumer staples sector dropped 3.02 per cent, and the real estate index was down 3.15 per cent.

Worries over Sino-U.S. tensions dampened risk appetite even as concerns over lofty valuations persisted, said Yan Kaiwen, an analyst with China Fortune Securities Co. The China and United States levelled sharp rebukes

A spike on U.S. 10-year notes also weighed on the market, Yan said, but the impact be could short-lived.

Additionally, a monthly settlement of stock index futures also caused market jitters, Zhang Qi, analyst with Haitong Securities Co said, and that sent the blue-chip index and some component indexes in the mainland market lower.

The smaller Shenzhen index ended down 1.88 per cent and the start-up board ChiNext Composite index was weaker by 2.809 per cent.

Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.36 per cent, while Japan’s Nikkei index closed down 1.41 per cent.





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