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Chinese Stocks Post Biggest Slump in Four Months on Growth Concerns

July 2, 2021 by Forex Winner Leave a Comment

Chinese Stocks Post Biggest Slump in Four Months on Growth Concerns

Source: Economic Times

Chinese equities were dragged by growth concerns to slip the most in nearly four months, a day after the Communist Party celebrated its 100th anniversary.

  • The CSI300 index declined by 2.8% to 5,081.12, while the Shanghai Composite Index shed 2% to 3,518.76. The two indexes recorded the biggest daily drop since March.
  • The biggest declines were seen in consumer, healthcare, and brokerage shares. Property shares also slipped.
  • A number of investors sold positions, along with the People’s Bank of China, which reported a net withdrawal of liquidity.
  • Analysts believe the market is waiting for a catalyst to spur growth as uncertainties remain ahead of the earnings releases.
  • Consumption activities were also hit by the resurgence of the COVID-19 pandemic, as seen in data on air travel, spending, auto sales, and overall consumption.
  • Wednesday data indicated a decline in manufacturing to a four-month low in January, mirrored by the decline of the non-manufacturing index.

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