SHANGHAI: Chinese blue-chip shares fell on Monday, under pressure from slumping consumer and financial firms, as growing concerns over the economic impact of COVID-19 lockdowns weighed on sentiment, with new trade data reflecting soft demand.
China’s blue-chip CSI300 index finished the day down 0.8% at 3,877.44 points. The Shanghai Composite index edged up less than 0.1% to 3,004.14 points.
The CSI300 financial sector sub-index fell 0.68%, the consumer staples sector 1.5%, the real estate index 0.19% and the healthcare sub-index 0.88%.
Liquor makers were among the biggest losers on Monday, on concerns over the widening impact of COVID-19 curbs, with a sub-index tracking the sector dropping 2.19%.
Index heavyweight Kweichow Moutai Co Ltd was the biggest drag on the CSI300 on Monday, falling 2.29%.
Chinese automakers fell after an industry group estimated that sales in April had dropped 48% year-on-year, as zero COVID-19 policies shut factories, limited traffic to showrooms and put the brakes on spending.
BYD Co Ltd fell 3.86% and Chongqing Changan Automobile Co Ltd fell 3.4%.
Chinese export growth slowed to its weakest in nearly two years, while imports barely changed in April as tighter and wider COVID-19 curbs halted factory production and crimped domestic demand.
China’s two biggest cities tightened COVID-19 curbs on their residents on Monday, as authorities wrestle with the country’s worst COVID outbreaks to date.
Markets in Hong Kong are closed on Monday for a public holiday. The smaller Shenzhen index ended 0.35% higher and the start-up board ChiNext Composite index was weaker by 0.753%.
Around the region, MSCI’s Asia ex-Japan stock index was 1.23% weaker, while Japan’s Nikkei index closed down 2.53%.
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