Dec 4, 2024 at 4:45 am GMT
By Jiaxing Li
Hong Kong 4(Reuters)- China stocks weakened on Wednesday, while Hong Kong stocks were flat as slower services sector growth and escalating trade frictions with the U.S. dampened investor sentiment.
** At the midday break, the Shanghai Composite index. SSEC was down 0.07% at 3,376.41 points.
** China's blue-chip CSI300 index.CSI300was down 0.21%, with the consumer staples sector.CSI000912falling 0.58% and the real estate index.CSI000952slipping 1.38%.
** In Hong Kong, the Hang Seng Index.HSIwas up 0.08% at 19,762.80.
** China's services activity expanded at aslower pacein November, with the Caixin/S&P Global services purchasing managers' index (PMI), falling to 51.5 from 52.0 in October, as the economy braces for a rocky ride of more U.S. tariffs under a second Trump administration.
** Sentiment was also jittery following's Beijingexport banto the United States of critical minerals that have widespread military applications, which escalated trade tensions the day after Washington's latest crackdown on China's chip sector.
** "This new salvo intensifies fears of economic decoupling, as the looming U.S. tariff barrage hangs over Asia's export-driven economies," said Stephen Innes, managing director at SPI Asset Management.
** The repercussions of these tit-for-tat measures could significantly disrupt supply chains, with the semiconductor and technology sectors squarely in the crosshairs, he added.
** Rare earth and chip sectors gained as investors continued to wager ondomestic alternatives. The CSI Rare Earth Industry Index.CSI930598edged up 0.1% by noon trading break after opening 0.9% higher, and the CSI Semiconductor Industry Index.CSI931865added 1%.
Reporting by Hong Kong Newsroom; Editing by Rashmi Aich
Sumber : Reuters
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