July 23, 2024 at 03:36 am EDT
(MT Newswires) -- Chinese shares fell for a second day on Tuesday, reflecting ongoing anxieties about the lack of substantial economic stimulus measures. This comes amid a disappointing national budget revenue report for the first half of 2024.
The Shanghai Composite Index slid 1.7%, or 48.85 points, to close the session at 2,915.37. The Shenzhen Component Index dropped almost 3%, or 263.23 points, to 8,606.58.
Investor sentiment remained negative due to the perceived insufficiency of government policies to bolster the post-pandemic economic recovery.
Adding to the pessimism, China's Ministry of Finance reported a 2.8% year-on-year decrease in national general public budget revenue for the first half of 2024, totaling 11.591 trillion yuan.
The data hints at an "insufficiently solid foundation" during China's post-pandemic recovery, Yicai Global reported, citing Yuekai Securities' chief economist, Luo Zhiheng. The economist pointed out the need for more stimulus measures to boost the economy.
Morgan Stanley Research warned that China's economic growth is still at risk as current policies are not enough to tackle market concerns.
In corporate news, Jiangsu Lianhuan Pharmaceutical (SHA:600513) dropped 3.6% at the close of trading after terminating its plans to issue convertible corporate bonds worth up to 450 million yuan, following considerations over changes in the market environment.

Sumber : MT Newswires