SHANGHAI (Reuters) – China’s shares closed lower on Thursday, pressured by financial and energy companies as investors assess Beijing’s unexpected indication of monetary easing.
The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, fell 1.02%, while the Shanghai index was down 0.79%.
Leading losses, the CSI300 financial and energy sub-index dropped 2% and 2.2%, respectively.
China will use timely cuts in bank reserve requirements to support the real economy, especially small businesses, the cabinet said on Wednesday.
There won’t necessarily be a reserve cut after Beijing has indicated one, and investors shouldn’t wait too long for an easing, analysts at Huachuang Securities wrote in a report.
A continued correction of blue-chips also weighed on the market.
. In TOKYO, the Nikkei index retreated 0.88%, to 28,118 points.
. In HONG KONG, the HANG SENG index fell 2.89% to 27,153 points.
. In SHANGHAI, the SSEC index lost 0.79% to 3,525 points.
. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, retreated 1.02%, to 5,088 points.
. In SEUL, the KOSPI index had a devaluation of 0.99%, to 3,252 points.
. In TAIWAN, the TAIEX index rose 0.09% to 17,866 points.
. In SINGAPORE, the STRAITS TIMES index devalued 1.08%, to 3,107 points.
. In SYDNEY the S&P/ASX 200 index advanced 0.20% to 7,341 points.
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