China stocks track Asia markets lower on US rate cut concerns
Wednesday, April 03, 2024       14:09 WIB

April 03, 2024 at 12:31 am EDT
SHANGHAI (Reuters) - China stocks fell on Wednesday, tracking global peers lower as U.S. bond yields held near four-month highs, although data showed China's services activity accelerated.
** A powerful earthquake in Asia also raised concerns about possible disruptions to the vital chip-making industry, denting sentiment in regional stock markets.
** Markets are also pondering the risk of slower rate cuts ahead of U.S. data and an appearance by the world's most powerful central banker later in the day. Oil extended its ascent, while gold prices hit another record high.
** China's services activity growth accelerated in March as new business rose at the quickest pace in three months, a private-sector survey showed on Wednesday, following the better-than-expected manufacturing surveys, adding to signs that parts of China's economy are gaining momentum in the first quarter.
** At the midday break, the Shanghai Composite index was down 0.24% at 3,067.46 points.
** China's blue-chip CSI300 index was down 0.28%, with its financial sector sub-index lower by 0.6%, the consumer staples sector up 0.15%, the real estate index down 1.03% and the healthcare sub-index down 0.08%.
** Chinese H-shares listed in Hong Kong fell 0.78% to 5,913.99, while the Hang Seng Index was down 0.74% at 16,806.29.
** The smaller Shenzhen index was down 0.5%, the start-up board ChiNext Composite index was weaker by 0.43% and Shanghai's tech-focused 50 index was down 0.73%.
** Around the region, MSCI 's Asia ex-Japan stock index was weaker by 0.64% while Japan's Nikkei index was down 0.69%.
** The yuan was quoted at 7.2345 per U.S. dollar, 0.03% weaker than the previous close of 7.232.
** The largest percentage gainers in the main Shanghai Composite index were Zbit Semiconductor Inc, up 10.85%, followed by QuMei Home Furnishings Group Co Ltd , gaining 10.13%, and Anhui Xinke New Materials Co Ltd, up by 10.1%.
** The top gainers among H-shares were China Mengniu Dairy Co Ltd, up 1.62%, followed by Semiconductor Manufacturing International Corp, gaining 1.57% and Group Ltd, up by 1.17%.
(Reporting by Shanghai Newsroom; Editing by Mrigank Dhaniwala)

Sumber : Reuters
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