CHINA SHARES DOWN
REUTERS - MAY 20, 2020 - China shares fell on Wednesday as cautious investors held back ahead of the country’s annual political meetings where policymakers will discuss measures to boost the economy.
At the midday break, the Shanghai Composite index was down 0.45% at 2,885.54.
China’s blue-chip CSI300 index was down 0.49%, with its financial sector sub-index lower by 0.37%, the consumer staples sector down 0.46%, the real estate index down 1.17% and the healthcare sub-index down 0.68%.
Chinese H-shares listed in Hong Kong rose 0.1% to 9,893.25, while the Hang Seng Index was down 0.1% at 24,364.49.
The smaller Shenzhen index was down 0.65% and the start-up board ChiNext Composite index was weaker by 0.51%.
While China’s parliament’s will begin a key annual session on Friday, its advisory body — The Chinese People’s Political Consultative Conference — will start its session a day earlier.
The sentiment is weak before these meetings as investors await clearer signs of government measures to counter the impact of COVID-19 on the economy, Western Securities’ analyst Cao Xuefeng said.
The new energy vehicle sector bucked the trend, rising 3.74%, on expectations of more government incentives after Shanghai’s plan to give 4,000 yuan each to buyers for purchasing vehicles with lower emission.
China recorded five new COVID-19 cases for May 19, down from six a day earlier.
Around the region, MSCI’s Asia ex-Japan stock index was little changed, while Japan’s Nikkei index was up 1.02%. ** The yuan was quoted at 7.1044 per U.S. dollar, 0.06% weaker than the previous close of 7.1.
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