October 24, 2024 at 03:42 am EDT
(MT Newswires) -- Chinese shares closed lower on Thursday following the International Monetary Fund's (IMF) revised economic outlook for the country.
The Shanghai Composite Index, the main gauge of Chinese stocks, slid 0.9%, or 22.54 points, to close Thursday's trade at 3,280.26. The Shenzhen Component Index dropped 1.3%, or 134.67 points, to 10,441.75.
The IMF lowered its projection for China's GDP growth to 4.8% from 5.0%, citing concerns over potential price corrections in the real estate sector and the potential strain on public finances from government stimulus measures.
Beijing recently introduced a string of measures aimed at boosting the economy, including key rate cuts.
In corporate news, several Chinese companies saw their share prices decline following the release of their third-quarter earnings reports.
China National Medicines' (SHA:600511) fell 5.8% after net profit was flat year over year at 480.8 million yuan, while revenue grew 7.1% to 13.3 billion yuan.
Guangzhou Shiyuan Electronic Technology's (SHE:002841) fell 6.9% as its attributable profit declined 5.1% year over year to 435.5 million yuan and its operating income slipped 0.2% to 7.03 billion yuan.
Chongqing Polycomp International (SHE:301526) dropped 4% after its third-quarter loss attributable to shareholders widened year on year by 156% to 61.5 million yuan.

Sumber : MT Newswires