China and Hong Kong stocks closed lower as investors took profits, led by tech and media

From Business Recorder: 2024-03-25 19:20:23

China and Hong Kong stocks closed lower on Monday, with tech and media shares leading the decline as profit-taking occurred. The Chinese yuan rebounded from a four-month low. The CSI Anime Comic Game Index fell 4.6%, while tech giants traded in Hong Kong dropped 0.5%. Real estate shares were one of the few gainers, with Premier Li Qiang announcing further property policy optimization. The blue-chip CSI300 index was down 0.54%, with various sector sub-indexes fluctuating.

In a month’s largest one-day percentage drop, the CSI Anime Comic Game Index fell 4.6% after a 30% rally since early February. Tech giants in Hong Kong also saw a 0.5% decrease. Real estate shares managed to rise after Premier Li Qiang promised to enhance property policy and stimulate potential demands. The CSI300 index fell 0.54%, with mixed movements in sector sub-indexes.

Across Asia, MSCI’s ex-Japan stock index was down 0.2%, with Japan’s Nikkei index closing 1.16% lower. The yuan was stronger at 7.2064 per dollar. The Hang Seng index in Hong Kong was down 0.16%. Energy shares on the Hang Seng rose 1.2%, while IT sector went up 0.11%. China Hongqiao Group Ltd was the top gainer, up 13.4%, while Lenovo Group Ltd fell 8.63%.



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