Chinese Stocks are Rising Despite Investor Fears of a Slowing Economy
– Chinese stocks rose at the end of trading for a third session in a row despite investors’ concerns about a slowing economy and Beijing’s trade dispute with Washington.
Meanwhile, Chinese state media warned the United States that the country is ready to use rare metals to respond in its long-term trade war.
At the close, the Shanghai Composite rose 0.16% to 2,914 points, and the Shenzhen Composite settled at 1541 points.
Stocks: On the first day of the entry, the Shanghai Composite Index rose 0.16% on Thursday, and the Kweichow Moutai returned to the top of the 900 yuan.
Even Sanhong’s Shanghai stocks once weakened on Wednesday morning, reversing nearly 0.7%, but in The rare earth stocks were strong, and after buying the insurance stocks in the afternoon, they turned red and rose by about 0.2%. They wrote a four-red record and the 2,900-point integers were recovered. However, Shenzhen and the GEM were overturned, each falling by about 0.3% and 0.5%. The stock of the king of Guizhou, Maotai, even four bombs, re-station back to the RMB 900 yuan (the same below) integer mark.
Hu Xijin, editor-in-chief of Global Times, said that China is “seriously considering” restricting the export of rare earths to the United States, and using rare earth resources to counter the trade war, stimulating rare earth stocks to become a plate highlight.
At the close of the market, the Shanghai Composite Index reported 2,914.70 points, up 4.79 points or 0.16%, and opened at a low of 2,890.67 points. The first three trading days have risen by 57.39 points or 2%.
Shenzhen Component Index pointed to 9.010.36 points, down 25.33 points or 0.28%; GEM reported 1,497.89 points, down 7.27 points or 0.48%. The Shenzhen and GEM indexes surged by 2.93% and 4.23% in the first two trading days.
On the rare earth policy, the responsible person of the National Development and Reform Commission said in a reporter’s question on Tuesday that if anyone wants to use the products manufactured by China’s export rare earth and use it to curb China’s development, the Chinese people will be unhappy.
At the same time, Hu Xijin said in a tweet, “As far as I know, China is seriously considering restricting the export of rare earths to the United States. China may take other countermeasures in the future.”
Prior to this, Chinese President Xi Jinping investigated the relevant rare earth enterprises in the investigation of Ganzhou, Jiangxi Province, and made important instructions on promoting the green sustainable development of the rare earth industry. The move boosted the share price of rare earth producers because of speculation that the Chinese government is considering using rare earths in its trade war with the United States.
The A50 index, which is dominated by large-cap stocks, also followed the Shanghai stock market. The 50-share constituent stocks were flat except for the Bank of China. Ten stocks were closed, and the insurance industry included the top three. Xinhua Insurance, China Pacific Insurance and China Life Insurance The order rose by 7.45%, 7.18% and 4.82%. The stock king of Guizhou Maotai rose 2.69%, ranked fourth, even four red, and then rose 19.98 yuan, closed at 907.98 yuan. Taiwan-funded industrial wealthy associations rose 1.72%, also among the top ten.
Among the 39 stocks, most of the declines converge, and Industrial Bank fell 2.05%, the largest Lu snake, reported at 17.68 yuan. Ningde era and SAIC Group fell 1.82% and 1.98% respectively.
Under the doubts of the economic growth prospects caused by the US-China trade war, investors focused on the allocation of safe-haven assets, the US bond yield continued to bottom out, US stocks fell across the board, Hong Kong stocks also weakened on Wednesday, real estate stocks And gaming stocks fell, and utility stocks bucked the trend.
At the close, the Hang Seng Index fell 155.10 points or 0.57% to 27,235.71 points; the Hang Seng China Enterprises Index fell 26.10 points or 0.25% to 10,390.45 points.
On the disk, utilities stocks were strong, with China Gas and Yangtze River Infrastructure rising 1.15% and 0.75% respectively, both of which were the top five blue chips. Power Industry and CLP Holdings rose 0.18% and 0.06% respectively.
In contrast, property stocks generally fell. Country Garden, Hang Lung Properties and Sun Hung Kai Properties all fell more than 1%.
Gaming stocks also became a selling pressure center. Sands China slipped 2.71% to become 35.95 yuan (HK$, the same below), which is the blue chip with the deepest decline. Galaxy Entertainment fell 1.04% to report at 47.55 yuan.
The heavyweight Tencent only rose one day in the tenth day, and closed down 1.11% on Wednesday, at 322 yuan.
In other heavy blue chips, China Ping An closed 0.53% higher at 86.15 yuan; HKEx rose 0.31% to 255.40 yuan; HSBC Holdings fell 0.92% to 64.85 yuan; AIA closed 1.03% lower at 76.70 yuan.
Chinese Stocks are Rising Despite Investor Fears of a Slowing Economy - /10
- Chinese stocks rose at the end of trading for a third session in a row despite investors' concerns about a slowing economy and Beijing's trade dispute with Washington.