SINGAPORE: Chinese stock markets fell on Tuesday, with Canadian tariffs weighing on shares in electric vehicle and steel makers, while downbeat comments from PDD Holdings dragged down e-commerce shares.
China stocks close up for 9th session
At the midday break, the Shanghai Composite index was down 0.36% at 2,845.37.
China’s blue-chip CSI300 index was down 0.61%.
Chinese H-shares listed in Hong Kong fell 0.2% to 6,266.36, while the Hang Seng Index was down 0.27% at 17,750.32.
PDD Holdings suffered a $40 billion wipeout overnight, after missing market estimates on revenue and warning of changing consumer demand and an uncertain environment.
Alibaba, down 4.7%, and JD.Com, down 4.2%, were the two biggest losers in the Hong Kong benchmark index. Trip.com was the top gainer after posting a rise in profit.
Canada, following the lead of the US and European Union, said it would impose a 100% tariff on imports of Chinese electric vehicles and 25% on steel and aluminium.
An index tracking China’s EV-related stocks fell 0.9%, though automakers Great Wall, BYD and Li Auto pared early losses. The CSI Steel Index fell 1%.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.45% while Japan’s Nikkei index was up 0.09%.
The yuan was quoted at 7.1257 per US dollar, 0.05% weaker than the previous close of 7.1218.
So far this year, the Shanghai stock index is down 4.4% and the CSI300 has fallen 3.7%. The Hang Seng is up 4.4%.
Source: Brecorder
