By Reuters Staff
2 Min Read
May 10 (Reuters) - Hong Kong shares edged lower on Monday as the technology sector fell amid Beijing’s deepening anti-trust war, outweighing gains in energy firms and vaccine makers. The Hang Seng index fell 0.1%, to 28,595.66, while the China Enterprises Index lost 0.5%, to 10,651.07. The Hang Seng Tech index dropped 0.9% amid signs regulators are ramping up a campaign to rein in the clout of tech giants. On Saturday, China’s internet watchdog announced a ban on some mobile app notifications. Index heavyweight Alibaba fell over 2%, while Meituan tumbled more than 7%. Meanwhile, China Mobile Ltd, China Unicom and China Telecom Corp all dipped, after the three Chinese telecommunications companies said on Friday they would be delisted by the New York Stock Exchange in line with U.S. investment restrictions dating to last year.
By Reuters Staff
2 Min Read
SHANGHAI, May 10 (Reuters) - China stocks wavered with no clear direction on Monday, as losses in tech shares amid Beijing’s deepening anti-monopoly war offset gains in energy and healthcare companies. The blue-chip CSI300 index fell 0.1% to 4,992.42, but the Shanghai Composite Index rose 0.3% to 3,427.99 points. China’s Nasdaq-style STAR market dropped 0.8%, while an index tracking the IT sector fell 0.5%, after the internet watchdog on Saturday announced a ban on some mobile app notifications, as regulators ramp up a campaign to rein in internet firms’ growing influence. “China’s anti-monopoly campaign hit investor confidence in tech shares,” said Yang Hongxun, analyst at Shandong Shenguang Consulting.
China stocks end week lower as lofty valuations, Sino-West tensions weigh Reuters 7 hrs ago
SHANGHAI, May 7 (Reuters) - China stocks fell on Friday to end the week lower, as worries over lofty valuations and Sino-West tensions offset optimism surrounding data and survey pointing to a continued recovery in the world s second-largest economy.
Popular Searches For the shortened week, CSI300 declined 2.5%, while SSEC dipped 0.8%. The tech-heavy start-up board ChiNext dropped 3.5%, having lost 5.9% for the week. Analysts remain cautious for the time being, citing a lack of factors for any upside momentum, and noting lofty valuations in some parts of the market.
For the week, HSI slipped 0.4%, while HSCE was down 1.2%. The Hang Seng tech index fell 2.2% on Friday, having retreated 4.3% for the week, amid tensions between Beijing and the West. China has approved domestic fund managers’ first exchange-traded funds (ETFs) based on Hong Kong’s Hang Seng TECH Index, state media said, giving Chinese investors increased access to such big-name stocks as Alibaba and Tencent. Historical data shows there are marked “calendar effects” in the Hong Kong stock market which could face some pressure in May, when the A-share market and the U.S. stocks also tend to be weak, Everbright Securities analysts said in a note.