Published on 05/16/2025 at 04:31
(MT Newswires) -- Chinese stocks dipped on Friday as initial optimism regarding the tariff truce between the US and China started to wane.
The Shanghai Composite Index, the main gauge of Chinese stocks, slid 0.4% or by 13.64 points to 3,367.18. The Shenzhen Component Index declined marginally by 1.53 points to 10,184.92.
As investors are seeking cues from US President Donald Trump to see the progress of talks with the country's trading partners, the optimism surrounding the ceasefire has been losing momentum due to remnants of high tariffs, the Times of India reported Friday.
Even before the tariff pause, China had already started diversifying its exports away from the US to ensure it would never again be vulnerable to Washington's trade actions, according to Bloomberg.
China will have to work with other countries to open markets for goods originally intended for US consumers if it wants to reduce dependence on US shipments even further, Bloomberg's Allen Wan said.
In the corporate front, Shenghe Resources closed 4% lower after subsidiary Chenguang Rare Earth agreed to fully acquire Australia's Peak Rare Earths for AU$158 million.

Sumber : MT Newswires