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China stocks track global peers lower before holidays

09/30/2022 | 12:53am EST

SHANGHAI, Sept 30 (Reuters) - China stocks edged down on Friday ahead of a week-long holiday, tracking other Asian markets lower after overnight Wall Street losses, while a subdued factory activity survey also weighed on sentiment.

** The blue-chip CSI 300 Index and the Shanghai Composite Index both inched 0.2% lower by the end of the morning session.

** The Hang Seng Index slipped 0.1%, while the Hang Seng China Enterprises Index dropped 0.3%.

** For the quarter, the CSI 300 Index slumped 14.8% so far and is set to post its biggest quarterly loss since a stock market meltdown in 2015. The HSI was set for its worst quarter since 2001, with a 21.5% slump by midday break.

** Asian shares were headed for the worst month since the onset of the COVID-19 pandemic, while jitters in currency and bond markets persisted.

** China's factory activity eked out growth in September, but a slowdown in services sector growth and a downbeat private manufacturing survey pointed to further cooling as the economy grapples with COVID-19 curbs and softening export demand.

** Travel during China's National Day golden week holiday, which begins on Saturday, is set to hit its lowest in years, analysts say, as COVID-19 concerns spur calls for people to avoid travel.

** Consumer discretionary and tourism-related companies lost more than 1.5% each, while new energy stocks declined 2.3%.

** China's central bank made the biggest weekly liquidity injection on a net basis through short-term bond instruments in more than 32 months.

** The CSI 300 Real Estate Index jumped 3% and the Hang Seng Mainland Properties Index added 1% after China's central bank said local governments may relax the floor on mortgage rates for first-time home buyers.

** China's yuan gave up all the losses it booked this week, after Reuters reported that China's major state-owned banks were told to get ready to prop up the currency in offshore trades. (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HONG KONG HANG SENG -0.33% 18675.35 Delayed Quote.-19.92%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.29% 7.0163 Delayed Quote.10.70%
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