Business Recorder
China stocks lower

China stocks lower




SHANGHAI: China’s main stock indexes followed other Asian markets lower on Thursday as political turmoil in Washington knocked Wall Street and dented risk appetite in global markets.

The blue-chip CSI300 index fell 0.3 percent, to 3,398.11 points, while the Shanghai Composite Index lost 0.5 percent to 3,090.14 points.

Equities in Asia took cues from Wall Street, where the Dow and S&P 500 both sank about 1.8 percent overnight.

A political storm rages around possible ties between President Donald Trump’s campaign and Russia, and his intelligence disclosures in an Oval Office meeting with Russian diplomats.

The political crisis has thrown doubt on the future of the pro-growth policies that Trump promised.

“Investors need to be cautious after the recent rally, as the market correction in the medium term is still under way,” Zhao Wei, an analyst with Founder Securities, wrote in a report.

Major sectors led by infrastructure and material stocks lost ground.

China’s property stocks gained, following newly released data showing home prices in China rose 0.7 percent in April despite tougher curbs aimed at driving speculators out of what had been a red hot market.—Reuters



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