China stocks fall on weaker yuan, outflows

Henderson Land Development Co

22/03/2024 09:02

(Updates to market closing levels)
       SHANGHAI, March 22 (Reuters) - 
    Chinese stocks closed lower on Friday and the yuan fell to
four-month lows, dragging down markets in Asia and rupturing the
equity market rally after a surprise rate cut from the Swiss
National Bank had investors wagering on who will ease policy
next.
  
    The Chinese yuan  CNY=CFXS  fell to the weaker side of the
psychologically important 7.2 per dollar level, to hit a low of
7.24, its lowest since Nov. 17, 2023.  CNY/ 
    Foreign investors sold 3.1 billion yuan ($428.9 million) of
Chinese shares on a net basis via the Stock Connect during the
day, a second straight session of outflows.  
 
    ** At the close, the Shanghai Composite index  .SSEC  was
down 0.95% at 3,048.03.
    ** Hong Kong's Hang Seng index  .HSI   was down 363.63
points or 2.16% at 16,499.47. The Hang Seng China Enterprises
index  .HSCE  fell 2.5% to 5,757.67.
    ** The blue-chip CSI300 index  .CSI300  eased 1.01%, with
its financial sector sub-index  .CSI300FS  lower by 1.11%, the
consumer staples sector  .CSI000912  down 1.29%, the real estate
index  .CSI000952  down 1.68% and the healthcare sub-index
 .CSI300HC  down 1.35%.
    ** The smaller Shenzhen index  .SZSC  ended 1.22% lower and
the start-up board ChiNext Composite index  .CNT  was weaker by
1.472%.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was 1.08% lower, while Japan's Nikkei index
 .N225  closed up 0.18%.
    ** The largest percentage gainers in the main Shanghai
Composite index were Dongguan Dingtong Precision Metal Co Ltd
 688668.SS , up 20.01%, followed by Bonree Data Technology Co
Ltd  688229.SS , gaining 13.9% and Shanghai V Test Semiconductor
Tech Co Ltd  688372.SS , up by 10.15%.
    ** The largest percentage losses in the Shanghai index were
Xianheng International Science & Technology Co Ltd  605056.SS 
down 10.02%, followed by Dali Pharmaceutical Co Ltd  603963.SS 
losing 10.02% and Yongyue Science & Technology Co Ltd
 603879.SS  down by 10.02%.
    ** In Hong Kong, the sub-index of the Hang Seng tracking
energy shares  .HSCIE  dipped 2.4%, while the IT sector
 .HSCIIT  dipped 2.01%, the financial sector  .HSNF  ended 
1.34% lower and the property sector dipped 4.06%.
    ** The top gainer on the Hang Seng was Henderson Land
Development Co Ltd  0012.HK , rising 2.39%, while the biggest
loser was Orient Overseas (International) Ltd  0316.HK , which
fell 16.71%.


($1 = 7.2278 Chinese yuan renminbi)

 (Reporting by Shanghai Newsroom; Editing by Sonia Cheema)
 ((Jason.Xue@thomsonreuters.com;))