Liquor shares drag down Chinese stock market, while Hong Kong shares remain unchanged.

From Business Recorder: 2024-07-23 01:55:09

China stocks fell as liquor shares declined, while Hong Kong shares remained flat. The Hang Seng index was barely changed, with declines in consumer and finance sectors. Liquor giant Kweichow Moutai dropped 2.7%, contributing to the overall downturn in the Chinese stock market.

Investors remained cautious as the latest data showed a slow recovery in China’s consumer spending. Meanwhile, Hong Kong stocks were muted ahead of the release of the U.S. Federal Reserve’s policy decision, with the Hang Seng index closing slightly lower. The Chinese yuan also weakened against the U.S. dollar, adding to market uncertainty.

In other news, China’s aviation regulator announced that 72 new domestic flights are set to resume operations in June. The Civil Aviation Administration of China said that airlines could begin selling tickets for the newly approved routes. This decision comes as China continues to ease travel restrictions following the COVID-19 pandemic.



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