China stocks decline as Beijing maintains key rates, property shares drag market lower

From Business Recorder: 2024-06-20 21:37:34

China and Hong Kong stocks ended lower on Thursday, dragged down by lacklustre property share performance. Beijing kept key lending rates unchanged, despite economic instability. The CSI300 Index closed down by 0.7, Shanghai Composite lost 0.4%. The 5-year LPR, vital for mortgage pricing, remained unchanged. Property shares in China and Hong Kong dropped significantly by 2.9% and 1.8%. Chinese automakers seek import tariffs hike on European gasoline cars.

The state-backed Global Times newspaper revealed Chinese automakers’ demands for increased tariffs on European gasoline cars in response to Brussels’ restrictions on Chinese-made EV exports. The CSI300 index fell 0.72%, sectors such as finance and healthcare witnessed declines. Additionally, the Shenzhen index ended down by 1.88%.

Asian markets were mixed, with MSCI’s Asia ex-Japan index slightly weaker while Japan’s Nikkei closed higher. The yuan was quoted weaker at 7.2602 per US dollar. Hang Seng Index dropped by 0.52%, closing at 18,335.32 points. Hang Seng China Enterprises Index also fell by 0.48% to 6,556.1.

Read more at Business Recorder: China stocks down after Beijing keeps benchmark rates unchanged – Markets