SHANGHAI (Reuters) – China stocks tumbled on Wednesday as enthusiasm about ending the Shanghai lockdown waned amid lingering concerns about the economy.
The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, dropped 0.2% on the day, while the Shanghai index was down 0.1%. Both indices have shown recovery in recent weeks.
Shanghai, China’s financial hub, came back to life on Wednesday after two months of isolation under a relentless Covid-19 lockdown.
The easing comes after China’s cabinet on Tuesday announced a package of 33 measures covering fiscal, financial, investment and industrial policies to revive its economy, ravaged by the pandemic.
However, analysts expect the Chinese economy to contract in the second quarter and that the recovery will be a difficult process and heavily dependent on the developments involving Covid, with consumers and businesses not expected to regain confidence immediately.
. In TOKYO, the Nikkei index rose 0.65% to 27,457 points.
. In HONG KONG, the HANG SENG index fell 0.56% to 21,294 points.
. In SHANGHAI, the SSEC index lost 0.13% to 3,182 points.
. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, dropped 0.20% to 4,083 points.
. In SEOUL, the KOSPI index remained closed.
. In TAIWAN, the TAIEX index registered a drop of 0.79%, to 16,675 points.
. In SINGAPORE, the STRAITS TIMES index rose by 0.36% to 3,244 points.
. On SYDNEY, the S&P/ASX 200 index advanced 0.32% to 7,234 points.
(Shanghai newsroom reporting)
#China #shares #fall #lockdown #Shanghai