SHANGHAI: China’s blue-chip stocks fell on Monday, led by consumer staples amid tightening COVID-19 curbs in some big cities, while foreign investors also dumped Chinese shares as the yuan tumbled to a more than two-year low.
China stocks see best day in 3 months
** The blue-chip CSI 300 Index lost 0.6% at the end of the morning session, while the Shanghai Composite Index edged up 0.1%. ** The Hang Seng Index fell 1.3%, and the Hang Seng China Enterprises Index dropped 1.5%.
** China’s southern tech hub of Shenzhen said it will adopt tiered anti-virus restriction measures starting on Monday, while the southwestern metropolis of Chengdu announced an extension of lockdown curbs.
** A strong rebound in China’s services sector eased slightly in August amid fresh COVID-19 flare-ups but business confidence rose to a nine-month high, a private survey showed.
** Other Asian markets and European stock futures slid after Russia shut a major gas pipeline to Europe.
** Consumer staples lost 2.1%, but the energy crisis in Europe lifted Chinese energy shares 4.7%, with coal miners surging 5%.
** Foreign investors sold more than 6.5 billion yuan ($940 million) of Chinese shares so far through the stock connect scheme.
** China’s yuan touched a new more than two-year low against the dollar, pressured by broad greenback strength in the global market and a resurgence of COVID infections.
** Tech giants listed in Hong Kong declined 2%, with index heavyweights Meituan, Tencent and Alibaba down between 2% and 3.1%.
** Electric vehicle maker BYD Co dropped 4.7% as Warren Buffett’s Berkshire Hathaway Inc trimed stake in the company for a second time following last week’s reduction.
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