China stocks track global peers lower before holidays
Friday, September 30, 2022       14:09 WIB

09/30/2022 12:53am EDT
SHANGHAI(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)

Sumber : Reuters

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