China stocks end lower, tracking Asian peers on US rate cut concerns

China Mengniu Dairy

03/04/2024 09:23

(Updates to market close)
       SHANGHAI, April 3 (Reuters) - China stocks closed lower
on Wednesday, tracking regional peers as U.S. bond yields held
near four-month highs, although data showed China's services
activity accelerated.
    
    ** A powerful earthquake in Asia raised concerns about
possible disruptions to the vital chip-making industry, denting
sentiment in regional stock markets.
    ** Markets are also pondering the risk of slower rate cuts
ahead of U.S. data and an appearance by the world's most
powerful central banker later in the day. Oil extended its
ascent, while gold prices hit another record high. 
    ** China's services activity growth accelerated in March as
new business rose at the quickest pace in three months, a
private-sector survey showed on Wednesday, following the
better-than-expected manufacturing surveys, adding to signs that
parts of China's economy are gaining momentum in the first
quarter.
    ** At the close, the Shanghai Composite index  .SSEC  was
down 0.18% at 3,069.30 points. 
    ** China's blue-chip CSI300 index  .CSI300  was down 0.36%,
with its financial sector sub-index  .CSI300FS  lower by 0.73%,
the consumer staples sector  .CSI000912  up 0.14%, the real
estate index  .CSI000952  down 1.38% and the healthcare
sub-index  .CSI300HC  down 0.63%.
    ** At the close of trade, the Hang Seng index  .HSI  was
down 1.22% at 16,725.10 points. The Hang Seng China Enterprises
index  .HSCE  fell 1.44% to 5,874.99 points.
    ** The smaller Shenzhen index  .SZSC  ended down 0.66% and
the start-up board ChiNext Composite index  .CNT  was weaker by
1.079%.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.86%, while Japan's Nikkei index
 .N225  closed down 0.97%.
    ** The yuan  CNY=CFXS  was quoted at 7.2357 per dollar as of
0811 GMT, 0.05% weaker than the previous close of 7.232. 
    ** Chinese financial markets will be closed for the tomb
sweeping holiday from Thursday, with trading resuming on Monday,
April 8.

 (Reporting by Shanghai Newsroom; Editing by Mrigank Dhaniwala
and Janane Venkatraman)
 ((Jason.Xue@thomsonreuters.com;))