Chinese stocks decline amid rising global coronavirus cases

Chinese stocks decline amid rising global coronavirus cases

Chinese stocks decline amid rising coronavirus cases worldwide

SHANGHAI (Reuters) – Stocks in China closed lower on Tuesday, following stocks in materials and transport companies amid concerns over rising global coronavirus cases.

The Shanghai Composite Index dropped 1.29% to 3.274.30 points, while the blue-chip CSI300 Index sank 1.19% to 4.635.76 points.

The sub-index of producers of materials and transport declined by 2.9% and 3%, respectively.

The indices were further pressured by the Chinese media report that Beijing is unlikely to approve of the “dishonest” deal with the owner of TikTok ByteDance, which was reported on the eve of Oracle Corp (NYSE: ORCL) and Walmart (NYSE: WMT) Inc.

The financial sector sub-index was down 1.09%, the consumer goods sector was down 0.63%, the real estate index was down 0.95% and the health sector was down 0.03%.

Investment banks and brokerage firms were the only sectors that showed growth in securities.

The ChiNext Composite Startup Index fell 0.53%.

The leaders in decline were Shanghai Aerospace Automobile Electromechanical Co Ltd, Lanpec Technologies Ltd and Nanjing OLO Home Furnishing Co Ltd, which lost 10.03%, 9.99% and 9.98%, respectively.

The rally was led by shares of Nantong Haixing Electronics Co Ltd, Qibu Corp Ltd and Zhende Medical Co Ltd, which gained 10.02%, 10.01% and 10% respectively.

The Hong Kong index fell 0.98% to 23.716.85 points, while the Hang Seng China Enterprises index sank 0.66% to 9.576.81 points.

(Reuters Office in Shanghai. Translated by Vladimir Sadykov. Editor Anna Kozlova)

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