November 25, 2024 at 02:48 am EST
(MT Newswires) -- Chinese shares inched down on Monday amid looming trade tariffs and uncertainty around US policies against China.
The Shanghai Composite Index, the main gauge of Chinese stocks, declined 0.1% to 3,263.76. The Shenzhen Component Index slipped 0.2% to 10,420.52. Both indices were down for a second straight session.
It's a volatile year ahead for Chinese equities amid US trade tariffs, uncertainty around US policies against China and retail inflows showing signs of plateauing, Hindustan Times cited James Wang, head of China strategy at UBS Investment Bank Research, as saying.
Wang expected a potential 5% downside in equities until the end of the first quarter of 2025, according to the report.
The US is set to announce new restrictions on exports to China this week, which could see the addition of up to 200 Chinese chip companies to a trade restriction list prohibiting the shipping of goods to the targeted firms, The Guardian reported.
Also, the People's Bank of China conducted medium-term lending facility or MLF operations worth 900 billion yuan on Thursday with a one-year term at 2%.
In company news, Shanghai International Port (SHA:600018) will increase its holdings in SAIC Motor's (SHA:600104) automobile logistics arm, SAIC Anji Logistics, by up to 10% after investing up to 1 billion yuan into Anji's capital. Shares of Shanghai International Port closed 2% lower, while shares of SAIC Motor jumped more than 8%.
Sumber : MT Newswires
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