SHANGHAI: China stocks ended lower on Monday, as losses in financials and consumer shares offset gains in new energy firms, after the US Federal Reserve’s surprise hawkish shift last week prompted investors to refrain from placing big bets.
The blue-chip CSI300 index was down 0.2% at 5,090.39, while the Shanghai Composite Index ended flat at 3,529.18.
The CSI300 financials index and the CSI300 consumer discretionary index declined 0.9% and 1.5%, respectively, while the CSI new energy index climbed 1.7%.
The session’s mixed performance came after both the two indexes logged a three-week losing streak following US Fed’s surprise turn.
The A-share market will be under heavy pressure against a backdrop of a strong dollar, said Yan Kaiwen, an analyst with China Fortune Securities.
Analysts said a hawkish Fed could lead to a stronger dollar and a weaker yuan, putting pressure on the A-share market by prompting foreign outflows.
Comments
Comments are closed.