China stocks slightly up, HK shares down, yuan falls

From Business Recorder: 2024-06-14 21:57:48

Mainland China stocks inch up as brokers gain despite falling yuan. Hong Kong stocks decline, ending week with 2.3% loss. Investors await Chinese economic data for May and central bank’s loan rollover next Monday. China’s yuan hits seven-month low against stronger US dollar. US considers further action against Chinese companies aiding Russia’s defense sector. Shanghai Composite up 0.12%, CSI300 up 0.44% with financials leading gains. Brokers surge 2.4% on consolidation hopes.

In Hong Kong, Hang Seng index falls 0.94%, tracking energy, IT, financial, and property sectors lower. Regionally, MSCI’s Asia ex-Japan index down 0.14%, while Japan’s Nikkei rises 0.24%. China’s blue-chips report fourth consecutive week of losses. Chinese credit lending data for May awaited, along with upcoming economic activity data. China’s yuan continues downward trend against US dollar. US mulls additional measures against Chinese firms supporting Russia’s defense sector.



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