SHANGHAI: China stocks fell on Tuesday on concerns the infectious Delta virus variant could assuage global economic recovery, while investors refrained from placing big bets ahead of US jobs data, which could sway the Federal Reserve's policy outlook.
The blue-chip CSI300 index closed 1.2% lower at 5,190.54, snapping a five-day winning streak, while the Shanghai Composite Index shed 0.9% to 3,573.18.
Markets are on edge after the Fed shocked traders with a hawkish tilt earlier this month, while investors adopted a wait-and-watch mode ahead of the US June employment report.
The retreat from riskier assets followed reports of more contagious Delta Covid-19 strain spread in Asia and elsewhere, stoking fears of further lockdowns.
The CSI300 financials index declined 1.3%, while the CSI300 consumer staples index dropped 1.8%.
China will make its monetary policy flexible, targeted and appropriate, while keeping interbank liquidity reasonable, the central bank said on Monday, as authorities seek to consolidate a post-Covid-19 economic recovery.
Shares in China's leading battery maker CATL hit an all-time high before closing 3% higher after the company extended a battery supply deal with Tesla Inc to 2025. According to Refinitiv data, investors via the Stock Connect linking mainland and Hong Kong sold net 1.3 billion yuan ($201.31 million) worth of A-shares on Tuesday.
Comments
Comments are closed.