China stocks down at close after Beijing keeps benchmark rates unchanged

Shenzhou International group

20/06/2024 09:17

(Updates to market close)
       SHANGHAI, June 20 (Reuters) - China and Hong Kong stocks
ended lower on Thursday, dragged down by lacklustre performance
in property shares, as Beijing left its key benchmark lending
rates unchanged despite recent data showing the economy remains
wobbly.     
    
** China's blue-chip CSI300 Index  .CSI300  closed down by 0.7,
while the Shanghai Composite Index  .SSEC  lost 0.4% to a
two-month low. Hong Kong benchmark Hang Seng  .HSI  was down
0.6%.     
    
** China left the one-year and five-year loan prime rates (LPR)
unchanged at a monthly fixing on Thursday, underscoring that
Beijing's monetary easing efforts continued to be limited by
narrowing interest rate margins and a weakening currency.

** The 5-year LPR influences the pricing of mortgages. 

** Property shares traded in China  .CSI000952  and Hong Kong
 .HSNP  dropped 2.9% and 1.8%, respectively. 

** Chinese automakers have urged Beijing to hike tariffs on
imported European gasoline-powered cars in retaliation for
Brussels' curbs on exports of Chinese-made EVs, the state-backed
Global Times newspaper said on Wednesday.  
    
** The blue-chip CSI300 index  .CSI300  was down 0.72%, with its
financial sector sub-index  .CSI300FS  lower by 0.7%, the
consumer staples sector  .CSI000912  down 0.68%, the real estate
index  .CSI000952  down 2.88% and the healthcare sub-index
 .CSI300HC  easing 1.47%.
** The smaller Shenzhen index  .SZSC  ended down 1.88% and the
start-up board ChiNext Composite index  .CNT  was weaker by
1.442%.
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.07%, while Japan's Nikkei index
 .N225  closed up 0.16%.
** At 07:47, the yuan  CNY=CFXS  was quoted at 7.2602 per U.S.
dollar, 0.04% weaker than the previous close of 7.2572.
** At the close of trade, the Hang Seng index  .HSI  was down
95.07 points or 0.52% at 18,335.32. The Hang Seng China
Enterprises index  .HSCE  fell 0.48% to 6,556.1.
** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 2.2%, while the IT sector  .HSCIIT  dipped 1.13%,
the financial sector  .HSNF  ended 0.28% lower and the property
sector fell 1.81%.
 

 (Reporting by Shanghai Newsroom; Editing by Sherry
Jacob-Phillips and Mrigank Dhaniwala)
 ((li.gu@tr.com))