China stocks track Asia markets lower on US rate cut concerns

China Mengniu Dairy

03/04/2024 05:31

SHANGHAI, April 3 (Reuters) - China stocks fell on
Wednesday, tracking global peers lower as U.S. bond yields held
near four-month highs, although data showed China's services
activity accelerated.
    
    ** A powerful earthquake in Asia also 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 midday break, the Shanghai Composite index  .SSEC 
was down 0.24% at 3,067.46 points. 
    ** China's blue-chip CSI300 index  .CSI300  was down 0.28%,
with its financial sector sub-index  .CSI300FS  lower by 0.6%,
the consumer staples sector  .CSI000912  up 0.15%, the real
estate index  .CSI000952  down 1.03% and the healthcare
sub-index  .CSI300HC  down 0.08%.
    ** Chinese H-shares listed in Hong Kong  .HSCE  fell 0.78%
to 5,913.99, while the Hang Seng Index  .HSI  was down 0.74% at 
16,806.29. 
    ** The smaller Shenzhen index  .SZSC  was down 0.5%, the
start-up board ChiNext Composite index  .CNT  was weaker by
0.43% and Shanghai's tech-focused STAR50 index  .STAR50  was
down 0.73%​.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.64% while Japan's Nikkei index
 .N225  was down 0.69%.
    ** The yuan  CNY=CFXS  was quoted at 7.2345 per U.S. dollar,
0.03% weaker than the previous close of 7.232. 
    ** The largest percentage gainers in the main Shanghai
Composite index were Zbit Semiconductor Inc  688416.SS , up
10.85%, followed by QuMei Home Furnishings Group Co Ltd
 603818.SS , gaining 10.13%, and Anhui Xinke New Materials Co
Ltd  600255.SS , up by 10.1%.
    ** The top gainers among H-shares were China Mengniu Dairy
Co Ltd  2319.HK , up 1.62%, followed by Semiconductor
Manufacturing International Corp  0981.HK , gaining 1.57% and 
Trip.com Group Ltd  9961.HK , up by 1.17%.
    

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