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    China shares end lower as investors book profits, uncertainty looms

    Synopsis

    At the close, the Shanghai Composite index was down 0.83 per cent at 3,414.62.

    China stocksGetty Images
    The ChiNext Composite start-up board, which hit multi-year highs in the previous session, fell 1.064 per cent and the Shenzhen index ended down 0.85 per cent.
    SHANGHAI: China shares closed lower on Tuesday as investors consolidated their positions from a recent bull run, and as uncertainty over China's economic outlook and relationship with the United States weighed despite encouraging trade data.

    At the close, the Shanghai Composite index was down 0.83 per cent at 3,414.62. The index trimmed losses that had pushed it down more than 2 per cent in afternoon trade. It has gained 14.4 per cent this month.

    The ChiNext Composite start-up board, which hit multi-year highs in the previous session, fell 1.064 per cent and the Shenzhen index ended down 0.85 per cent.

    The blue-chip CSI300 index was down 0.95 per cent.

    Shares dropped despite data showing China's exports and imports rose last month, bolstering hopes that Beijing's recovery from the pandemic is gaining traction.

    But while China's economy is showing steady recovery, a hard battle still lies ahead as the situation remains severe both at home and abroad, state radio quoted Premier Li Keqiang as saying on Monday.

    About 54.32 billion shares were traded on the Shanghai exchange, roughly 168.8 per cent of the market's 30-day moving average of 32.18 billion shares a day.

    Adding to broad market concerns were rising tensions between the United States and China.

    Washington on Monday rejected China's disputed claims to offshore resources in the South China Sea, and China announced sanctions against U.S. officials and entities in retaliation for U.S. sanctions over alleged human rights abuses against the Uighur Muslim minority.

    Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.92 per cent, while Japan's Nikkei index closed down 0.87 per cent.

    At 07:09 GMT, the yuan was quoted at 7.0135 per U.S. dollar, 0.22 per cent weaker than the previous close of 6.998 and set for its worst day in three weeks.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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