China shares slip as growth fears prompt foreign outflows
Tuesday, May 24, 2022       13:56 WIB

05/24/2022 12:52am EDT
* SSEC -1.1%, CSI300 -1.14%, HSI -1.38%
* Outflows from foreign investors top 7.5 bln yuan
* China says it will take targeted steps to boost economy
SHANGHAI, (Reuters) - Chinese shares fell on Tuesday, with financial and healthcare firms leading broad-based losses amid heavy selling by foreign investors, as global worries over slowing growth continue to weigh despite new pledges of economic support from Beijing. ** At the midday break, the Shanghai Composite index was down 1.1% at 3,112.37.
** China's blue-chip CSI300 index was down 1.14%, with its financial sector sub-index lower by 0.86%, and consumer staples sector down 1.08%.
** The real estate index was 0.21% lower and the healthcare sub-index fell 2.45%.
** Foreign investors were net sellers of A-shares on Tuesday, with Refinitiv data showing outflows of more than 7.5 billion yuan ($1.13 billion) through the Stock Connect programme by the midday break.
** Chinese H-shares listed in Hong Kong fell 1.33% to 6,928.97, while the Hang Seng Index was down 1.38% at 20,187.37.
** The smaller Shenzhen index was down 1.86%, the start-up board ChiNext Composite index was weaker by 1.95% and Shanghai's tech-focused 50 index was down 2.4%.
** Automotive shares shook off the broader market gloom, with a sub-index tracking the sector rising 0.38%, after China said it would reduce some passenger car purchase taxes by 60 billion yuan.
** The tax reduction is among a number of steps China's cabinet has pledged to support an economy wracked by widespread COVID-19 outbreaks that are hobbling an already-slowing economy.
** But in a sign of the challenge of controlling the coronavirus, Beijing stepped up quarantine efforts to end a month-old outbreak in the capital.
** News of the tax measures helped to lift Geely Automobile Holdings Ltd up 5.28% in Hong Kong, making it the top gainer on the Hang Seng.
** The yuan was quoted at 6.6599 per U.S. dollar, 0.17% weaker than the previous close of 6.6488.
($1 = 6.6603 Chinese yuan) (Reporting by Andrew Galbraith; Editing by Rashmi Aich)

Sumber : Reuters
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