INSUBCONTINENT EXCLUSIVE:
SHANGHAI; China's stock markets fell on Tuesday, their first trading day after new US and Chinese tariffs on each others goods kicked in
on Monday, while property firms plunged on worries that a property pre-sale system may be scrapped
At the close, the Shanghai Composite index was down 16.35 points or 0.6 per cent at 2,797.48
Stock markets in China were closed on Monday for a holiday.
The blue-chip CSI300 index ended 0.9 per cent lower, with its financial sector
sub-index falling 1.44 per cent
The consumer staples sector fell 0.95 per cent while the healthcare sub-index rose 0.11 per cent
Shares of Chinese property developers plunged, with the real estate sub-index losing 4.4 per cent after six provinces were told to decide
whether to retain or scrap a property pre-sale system that enables developers to secure funds before project completion
Property shares had fallen sharply in Hong Kong on Monday on the prospect of the system being scrapped
The United States and China imposed fresh tariffs on each other's goods on Monday as the world's biggest economies showed no signs of
backing down from an increasingly bitter trade dispute that is expected to hit global economic growth
Chinese airlines slumped on worries over higher oil prices amid reluctance by the Organization of the Petroleum Exporting Countries to
raise output to offset Iran sanctions
The index tracking major transport firms ended 1.2 per cent lower
The smaller Shenzhen index ended down 0.54 per cent and the start-up board ChiNext Composite index was weaker by 0.38 per cent
Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.07 per cent while Japan's Nikkei index closed 0.29 per cent higher
At 07:02 GMT, the yuan was quoted at 6.8634 per US dollar, 0.05 per cent weaker than the previous close of 6.86
The largest per centage gainers in the main Shanghai Composite index were Guanghui Logistics Co Ltd, up 10.1 per cent, followed by Ningbo
Heli Mould Technology Co Ltd , up 10.03 per cent and China Grand Automotive Services Co Ltd, up 10.02 per cent
The largest per centage losers in the Shanghai index were HNA Technology Co Ltd, down 10.04 per cent, followed by HNA Technology Co Ltd,
down 10.02 per cent and A-Zenith Home Furnishings Co Ltd, down 10.01 per cent
HNA Technology shares hit their lowest level since July 20, 2017 after the company said it scrapped a plan to buy Beijing-based Dangdang
and a related e-commerce firm.
So far this year, the Shanghai stock index is down 15.9 per cent and the CSI300 has fallen 16.2 per cent
Shanghai stocks have risen 2.05 per cent this month
About 11.20 billion shares were traded on the Shanghai exchange, roughly 101.5 per cent of the market's 30-day moving average of 11.03
The Shanghai stock index is above its 50-day moving average and below its 200-day moving average.
The price-to-earnings ratio of the
Shanghai index was 11.83 as of the last full trading day, while the dividend yield was 2.7 per cent
