September 13, 2024 at 03:36 am EDT
(MT Newswires) -- Chinese shares capped off the trading week with losses as investors were cautious about the potential for a rebound in consumer spending during the upcoming Mid-Autumn Festival.
The Shanghai Composite Index slipped 0.5%, or 13.03 points, to close Friday's trade at 2,704.09. The Shenzhen Component Index dropped 0.9%, or 70.69 points, to 7,983.55. Both indices were down for a second day.
Market sentiment was dampened by concerns over the ongoing economic recovery in China and uncertainty about whether holidaymakers would increase their spending. Bloomberg Intelligence strategist Marvin Chen suggested that expectations for a significant boost in consumer spending were relatively low given the current macroeconomic conditions.
Geopolitical tensions and the ongoing property crisis in China further weighed on market confidence. The lack of additional economic stimulus measures also contributed to a more pessimistic outlook for the country's economy.
The Chinese financial markets will be closed on Monday and Tuesday, Sept. 16 and Sept. 17, for the Mid-Autumn Festival and will reopen on Wednesday, Sept. 18.
In corporate news, Xinlong Holding Group (SHE:000955) dropped 3.8% at the close of trading after it incurred losses of about 7.2 million yuan due to damages from typhoon Makar.
The non-woven fabric manufacturer said in its Friday disclosure that damaged assets mainly include factory buildings, walls, equipment and inventory, but there were no casualties.

Sumber : MT Newswires