November 28, 2024 at 03:04 am EST
(MT Newswires) -- Chinese shares fell on Thursday amid market concerns over trade relations between the US and China and as investors awaited further stimulus signals ahead of China's Central Economic Work Conference in December.
The Shanghai Composite Index, the main gauge of Chinese stocks, declined 0.4% to 3,295.70. The Shenzhen Component Index dropped 1.3% to 10,432.54.
While the market is optimistic about Beijing introducing further stimulus boosts, investors have "increased concerns and frustrations" over the prospect of additional US tariffs on Chinese goods, Winnie Wu, China equity strategist for Bank of America Securities, told Bloomberg Television.
Meanwhile, China's state media said there are "no winners in tariff wars" following US President-elect Donald Trump's vow of an additional 10% tariff on all Chinese goods, Reuters reported. "If the US continues to politicize economic and trade issues by weaponizing tariffs, it will leave no party unscathed," the news agency cited a China Daily editorial.
BYD (SHE:002594, HKG:1211) and SAIC Motor (SHA:600104) have asked suppliers to lower their prices amid the escalating price war in China's vehicle market. Shares of BYD closed 2% lower on the Shenzhen bourse, while SAIC Motor shares fell 3% on the Shanghai bourse.

Sumber : MT Newswires