China ADRs fall as latest domestic stimulus update fails to impress

Tencent Music Entertainment

14/10/2024 11:48

** U.S.-listed shares of Chinese firms fall premarket as the
Saturday news conference in Beijing left investors guessing the
overall size of the stimulus package
    ** Finance Minister Lan Foan reiterated Beijing's broad
plans to revive the ailing economy, promising significant
increases to government debt and support for consumers and
property sector
    ** China's financial markets have been on a rollercoaster
ride since late September when policymakers unveiled stimulus
measures 
    ** E-commerce firms Alibaba Group Holding  BABA.N  down
1.4%, JD.com  JD.O  down 0.5% and PDD Holdings  PDD.O  1.9%
lower
    ** EV firms Nio  NIO.N  slips 1.4%, Xpeng  XPEV.N  drops 4%
    ** Gaming stock Bilibili  BILI.O  down 2.3%, search engine
giant Baidu  BIDU.O  declines 2.1%, online video platform iQIYI
 IQ.O  down 2.3%
    ** Music streaming company Tencent Music Entertainment Group
 TME.N  falls 1.8%, social media platform Weibo  WB.O  slips
1.6%
    ** Shanghai Composite  .SSEC  closed 2.1% higher, blue-chip
CSI300  .CSI300  rose 1.9%, while Hang Seng  .HSI  was down 0.8%
    ** Chinese ETFs such as iShares MSCI China ETF  MCHI.O  down
1.2%, KraneShares CSI China ETF  KWEB.P  drops 2.1% and iShares
China Large-Cap ETF  FXI.P  declines 1.02%
    

 (Reporting by Sukriti Gupta)
 ((Sukriti.Gupta@thomsonreuters.com;))