SHANGHAI (Reuters) – China’s stock market closed lower on Monday as the country’s benchmark lending rate cut failed to improve investor sentiment, with analysts saying its impact on the economy will be limited.
The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, fell 1.5%, while the Shanghai index dropped 1.07%.
China cut its benchmark lending rate (LPR) for the first time in 20 months, meeting market expectations, in an attempt to boost the slowing economy.
The one-year LPR was reduced by 5 basis points, while the five-year LPR remained unchanged. Analysts said the decision to maintain the five-year rate shows Beijing prefers not to use real estate to spur economic growth.
“The small cut itself shouldn’t have a big impact on the economy,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.
. In TOKYO, the Nikkei index retreated 2.13%, to 27,937 points.
. In HONG KONG, the HANG SENG index fell 1.93% to 22,744 points.
. In SHANGHAI, the SSEC index lost 1.07% to 3,593 points.
. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, retreated 1.50%, to 4,880 points.
. In SEUL, the KOSPI index had a devaluation of 1.81%, to 2,963 points.
. In TAIWAN, the TAIEX index dropped by 0.81% to 17,669 points.
. In SINGAPORE, the STRAITS TIMES index devalued 1.24%, to 3,072 points.
. In SYDNEY the S&P/ASX 200 index retreated 0.16%, to 7,292 points.
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