Chinese Stocks Stumble Amid Tech and Auto Woes
Chinese stocks declined on Friday as Apple suppliers faced setbacks due to reinstated U.S. tariffs, contributing to a broader market downturn. Auto stocks also fell amid ongoing price war fears. Major indices recorded weekly losses, with sentiment dropping amidst low turnover and lack of fresh stimulus measures.
On Friday, Chinese stocks experienced a downturn, primarily affected by weakened Apple suppliers after the reinstatement of U.S. tariffs. This contributed to a broader market decline, exacerbated by ongoing concerns over a price war among automakers.
The Chinese blue-chip CSI300 index fell by 0.3% at midday, marking the second consecutive week of losses. The Shanghai Composite index similarly decreased by 0.3%, to 3,353.07 points. Hong Kong's market saw even steeper declines, with the Hang Seng China Enterprises Index plummeting by 1.7% and the benchmark Hang Seng Index falling 1.5%, poised to end a six-week winning streak.
In contrast, the CSI Banks Index showed resilience, advancing by 1% on news that People's Bank of China Governor Pan Gongsheng would announce significant financial policies at the upcoming Lujiazui Forum in Shanghai. However, the broader regional market mirrored China's struggles, as MSCI's Asia ex-Japan stock index dropped 0.5%, and Japan's Nikkei index fell 1.3%.
(With inputs from agencies.)
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