Radiocor News

Chinese stocks close lower, slipping for 3rd day

Shanghai Composite down 0.44% at 2,950 points (Il Sole 24 Ore Radiocor) - Shanghai , 25 Jun - Chinese stocks closed lower, slipping for a third day amid weak Asian markets.

Growth concerns continued to weigh on investor sentiment as data released in recent weeks pointed to an uneven economic recovery.

Traders now awaited China's May industrial profits due this Friday and its June manufacturing survey due on Sunday.

Trade tensions also continued to keep sentiment in check even as China and the European Union agreed to start talks on the plan to impose tariffs on Chinese electric vehicles imported into the European market.

According to media reports, Canada was seen considering curbs on Chinese EV imports, joining the US and the EU, while the Biden Administration was investigating major Chinese telecom firms over potential security concerns.

Caution prevailed as the Chinese Communist Party's central committee prepares to convene in July for a key meeting known as a plenum to discuss reform measures.

In mainland stock market dealings healthcare shares dropped while financials were flat and consumer and real estate stocks rose.

The Shanghai Composite closed down 0.44% at 2,950 points, while the Shenzhen CSI 300 closed down 0.54% at 3,457 points.

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(RADIOCOR) 25-06-24 11:34:40 (0270) 5 NNNN

 


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