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Chinese stocks fell on Thursday as data showed a drop in industrial activity for the month of June, raising concerns about the pace of recovery.
Following the latest data on the state of China’s industry, stocks fell, leading to serious concerns among investors. As a result, the major Chinese stocks, grouped under the CSI300 index, were down 0.23% at midday on Thursday.
The Shanghai Composite Index was down 0.07% to 3,588.55 points. The sectors most affected by this decline are the industrial (-1.11%) and materials (-0.8%) sectors. This is explained by the decline in Chinese factory activity in the month of June 2021.
Indeed, China’s factories have been particularly affected by the resurgence of Covid-19 cases in Guangdong province, one of the country’s main exporting regions, significantly slowing the pace of the supply chbain for 15 months.
For Wang Zhe, senior economist at Caixin Insight Group interviewed by Reuters, many challenges remain in hoping for a true return to normalcy in China’s manufacturing sector, despite a gradual recovery.
“In the second half of this year, the weak base effect of last year will weaken. Inflationary pressure, coupled with the economic slowdown, remains a serious challenge for China,” he says.
As for other stock markets, the Shenzhen index fell 0.74%, the ChiNext composite index (which covers start-ups) was down 0.46% and Shanghai’s STAR50 index (which focuses on technology) was down 0.59%. Regionally, the MSCI Asia (ex-Japan) stock index lost 0.26%, while Japan’s Nikkei index was down 0.52%.
The consumer goods sector was down 0.38% at midday on Thursday, dragged down by Chinese beer brand Tsingtao Brewery Co, which lost 2%. The Hong Kong stock mabrket is closed today due to the creation of the Hong Kong Special Administrative Region slovenska-lekaren.com.
Renewable energy vehicle companies are also among the big casualties on Thursday. “The fundamentals of renewable energy vehicle companies and the supply chain sector are strong, but investors, including us, have some concerns about valuation,” Wang Qi, CEO of MegaTrust Investment, told Reuters.
“Investors are paying close attention to the upcoming first-half results, which largely determine the outlook and market sentiment for the rest of the year,” Wang Qi concluded.
Read also > STOCK MARKET : ASIAN STOCKS START THE WEEK CAUTIOUSLY
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Chinese stocks fell on Thursday as data showed a drop in industrial activity for the month of June, raising concerns about the pace of recovery.
Following the latest data on the state of China’s industry, stocks fell, leading to serious concerns among investors. As a result, the major Chinese stocks, grouped under the CSI300 index, were down 0.23% at midday on Thursday.
The Shanghai Composite Index was down 0.07% to 3,588.55 points moje společnost. The sectors most affected by this decline are the industrial (-1.11%) and materials (-0.8%) sectors. This is explained by the decline in Chinese factory activity in the month of June 2021.
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Chinese stocks fell on Thursday as data showed a drop in industrial activity for the month of June, raising concerns about the pace of recovery.
Following the latest data on the state of China’s industry, stocks fell, leading to serious concerns among investors. As a result, the major Chinese stocks, grouped under the CSI300 index, were down 0.23% at midday on Thursday.
The Shanghai Composite Index was down 0.07% to 3,588.55 points. The sectors most affected by this decline are the industrial (-1.11%) and materials (-0.8%) sectors. This is explained by the decline in Chinese factory activity in the month of June 2021.
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