Chinese stocks cut rally amid coronavirus vaccine safety concerns

Chinese stocks cut rally amid coronavirus vaccine safety concerns

Chinese stocks cut rally amid coronavirus vaccine safety concerns

BEIJING / SHANGHAI (Reuters) – Chinese stocks broke off a three-day rally and closed lower on Wednesday amid concerns about the safety of experimental coronavirus vaccines.

Hong Kong shares closed almost unchanged as investors were cautious in anticipation of the outcome of the US Federal Reserve meeting. The central bank is likely to keep interest rates low to support the pandemic-hit economy.

The Hong Kong Hang Seng Index dropped 0.03% to 24.725.63 points, while the Hang Seng China Enterprises Index added 0.17% to 9.845.79 points.

The Shanghai Composite Index dropped 0.36% to 3.283.92 points, while the Chinese blue-chip index CSI300 shed 0.66% to 4.657.36 points.

The financial sector sub-index was down 0.23%, the consumer goods sector was down 1.81%, the real estate index was up 1% and the health sector was down 1.83%.

The ChiNext Composite Startup Index fell 1.55%.

The leaders of the decline were JiangSu Zhenjiang NewEnergy Equipment, Beijing Dahao Technology and Zhejiang Tiantai Xianghe Industrial, which lost 9.99%, 9.99% and 8.72%, respectively.

The World Trade Organization (WTO) ruled on Tuesday that the United States had violated world trade rules by imposing multi-billion dollar tariffs in President Donald Trump's trade war with China. The WTO decision provoked a sharp reaction from Washington.

(Zhang Yan in Beijing and Andrew Golbright in Shanghai. Translated by Olga Beskrovnova. Editor Marina Bobrova)

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