China stocks track global peers lower as recession fears mount
Wednesday, September 28, 2022       13:38 WIB

09/28/2022 12:57am EDT
SHANGHAI (Reuters) - China stocks fell on Wednesday and Hong Kong shares languished near 11-year lows, as fears grew that rapid interest rate hikes would tip the global economy into recession.
** The blue-chip CSI 300 Index and the Shanghai Composite Index both lost 0.8% by the end of the morning session.
** The Hang Seng Index slumped 2.3%, while the Hang Seng China Enterprises Index declined 2%.
** Other Asian share markets also tumbled. China's onshore yuan touched the weakest level against a rising dollar since the global financial crisis of 2008, while its offshore counterpart hit the lowest on record.
** Foreign investors have sold more than 5.7 billion yuan ($800 million) of Chinese shares through the stock connect scheme so far on Wednesday, following two days of net buying.
** Non-ferrous metal stocks tumbled 3.9%, new energy firms retreated 3%, and aerospace defence companies fell 2.9%.
** Investors are dialling back risk exposure ahead of China's Communist Party Congress in October and sticking money in the relative safety of mainland blue chips as they await signs Beijing is ready to address problems hanging over the economy.
** "Sentiment is driving the market, both in equities and currencies. There are not many people doing any bottom fishing. Since (the Hang Seng) is below the mid-March low, it's hard to say where we're heading for," said Steven Leung, executive director of institutional sales at brokerage UOB Kay Hian.
** Mainland developers listed in Hong Kong plunged more than 5%, with CIFI Holdings (Group) Co down 26%.
** CIFI Holdings has missed payment of certain non-standard debt under a Tianjin project company, according to a report by credit intelligence provider Reorg.
** Hong Kong-listed tech giants dropped 2.6%. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

Sumber : Reuters

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