China stocks fall as financial, consumer firms weigh; Hong Kong down

Reuters2021-06-29

* SSEC -1.0%, CSI300 -1.3%, HSI -0.8%

* HK->Shanghai Connect daily quota used -3.4%, Shanghai->HK daily quota used 0.8%

* FTSE China A50 -1.5%

SHANGHAI, June 29 (Reuters) - China stocks fell on Tuesday as investors booked profit after a rally, with financial and consumer firms leading the retreat.

** The CSI300 index fell 1.3% to 5,185.65 by the end of the morning session, while the Shanghai Composite Index lost 1.0% to 3,572.27.

** The retreat came after the blue-chip CSI300 index rose for the fifth straight session on Monday.

** The CSI300 financials index declined 1.3%, while the CSI300 consumer staples index dropped 2.1%.

** China will make its monetary policy flexible, targeted and appropriate, while keeping interbank liquidity reasonable, the central bank said on Monday, as authorities seek to consolidate a post-COVID-19 economic recovery.

** China's economy has staged a strong rebound from the impact of the COVID-19 pandemic, with Chinese exporters racing ahead to fill global demand bolstering the vast industry sector, but the recovery in the consumer end has been weak.

** "The net injection by the PBOC was to smooth liquidity across quarters and the PBOC would probably go back to drain short-term liquidity, while large inflows via the Stock Connect are unsustainable against a backdrop of a stronger dollar," said Yan Kaiwen, an analyst with China Fortune Securities.

** Yan said it's a bull market for growth stocks driven mainly by loose liquidity, and any signs of change in liquidity conditions could lead to large fluctuations in the market.

** Shares in China's leading battery maker CATL hit an all-time high, after the company extended a battery supply deal with Tesla Inc to 2025.

** According to Refinitiv data, investors via the Stock Connect linking mainland and Hong Kong sold net 2.6 billion yuan

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  • AmosTeo
    2021-06-30
    AmosTeo
    Like
  • Jkan
    2021-06-29
    Jkan
    Comon tencent and babA
  • robot1234
    2021-06-29
    robot1234
    China is pivoting towards dual circulation economic model due to US going all out to contain and destroy her 
    • PearlynCSY
      Good comments
    • PearlynCSY
      Hope China will continue to lift the economy of ASEAN which is badly affected by the covid pandemic
  • yumzyumz
    2021-06-29
    yumzyumz
    like
  • Orez13
    2021-06-29
    Orez13
    Long term impact
  • JeffEng
    2021-06-29
    JeffEng
    Like n comment
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