China stocks slide due to US dollars strength, technology shares pullback, and significant foreign outflows

From Business Recorder: 2024-06-21 21:47:50

China stocks closed lower on Friday due to the strength of the US dollar and a pullback in technology shares. Foreign outflows of around 33 billion yuan this month, along with 129 billion yuan outflows to Hong Kong so far this year, weighed on the market. Investors are cautious ahead of the Chinese Communist Party’s central committee meeting in July, focusing on reforms. The Shanghai Composite index closed down 0.24% at 2,998.14, with the CSI300 index down 0.22%. Hang Seng index closed down 1.67% at 18,028.52, with energy shares and IT sector leading the declines. In the region, MSCI’s Asia ex-Japan stock index was down 0.68% and Japan’s Nikkei index closed down 0.09%.



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