November 29, 2023

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China stocks slide as COVID-19 worries weigh on sentiment

SHANGHAI, Nov 26 (Reuters) – China stocks fell on Friday as domestic COVID-19 situations and a new and perhaps vaccine-resistant coronavirus variant weighed on investor sentiment, with semiconductor-associated and vitality shares primary the drop.

The CSI300 index (.CSI300) fell .6% to 4,865.00 by the end of the morning session, while the Shanghai Composite Index (.SSEC) lost .5% to 3,566.18.

The Cling Seng index (.HSI) dropped 2.1% to 24,213.55. The Hong Kong China Enterprises Index (.HSCE) misplaced 2.1% to 8,626.31.

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** For the 7 days, the CSI300 index has drop .5%, though the Dangle Seng Index misplaced 3.3%. Hong Kong stocks established to submit their greatest weekly decline in 10.

** A handful of neighborhood COVID-19 circumstances in jap areas of China have prompted Shanghai town to limit tourism functions and a nearby town to lower public transportation services. read additional

** That despatched tourism shares (.CSI930633) and buyer staples (.CSICS) down 1.6% and .6%, respectively.

** In the meantime, the serious estate sub-index (.CSI000952), the electricity sub-index (.CSIEN), the semiconductor sub-index (.CSIH30184) dropped among 1.3% and 2.8%.

** In the world sector, the detection of a new and probably vaccine-resistant coronavirus variant in South Africa spooked traders, pushing them to dump risk assets and flock to secure havens. go through much more

** Refinitiv data confirmed outflows of far more than 1 billion yuan by means of the Northbound legs of the Stock Hook up programme (.NQUOTA.ZK), (.NQUOTA.SH), exhibiting abroad investors were net sellers of A-shares.

** Morgan Stanley explained it carries on to want A-shares in the China house and will wait around for a better entry level.

** “The latest remarks around a plan easing stance and an A-share structural influx catalyst are optimistic, but stress lingers on the earnings front and consensus’ estimates reduction could last for extended,” Morgan Stanley reported in a note.

** Hong Kong shares tracked world-wide markets reduced as the new COVID-19 variant weighed on sentiment.

** Tech giants (.HSTECH) tumbled 2.6%, with Tencent Holdings (0700.HK), Meituan (3690.HK), and Alibaba Group (9988.HK) down in between 3% and 4%.

** The Wall Avenue Journal described on Thursday that some Chinese state-operate companies were being proscribing employees’ use of Tencent’s messaging application Weixin, citing protection problems.

** Gambling shares (.CSICESG10) slumped 4.5%.

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Reporting by Shanghai Newsroom Modifying by Subhranshu Sahu

Our Criteria: The Thomson Reuters Rely on Principles.