China shares fall as chipmakers retreat; tech stocks weigh on HK

  • 8/13/2021
  • 00:00
  • 14
  • 0
  • 0
news-picture

Aug 13 (Reuters) - China shares declined on Friday as semiconductor stocks fell after sharp gains, while tech shares weighed on Hong Kong’s benchmark index. ** The CSI300 index fell 0.6% to 4,941.48 at the end of the morning session, while the Shanghai Composite Index lost 0.3% to 3,515.76. ** The Hang Seng index dropped 0.7% to 26,331.89, while the Hong Kong China Enterprises Index slipped 1.0% to 9,367.77. ** Chipmakers led the drop in China stocks, with the semiconductor sub-index falling 3.1%. The index has gained around 30% so far this year. ** China’s top chipmaker SMIC slumped 5.5% and 4.9% in Shanghai and Hong Kong, respectively. The Shanghai Stock Exchange said on Thursday it would remove the company from an index of eligible Shanghai stocks under the Shanghai-Hong Kong Stock Connect. ** Resources stocks, including steel and coal, resumed gains. The steel sub-index added 1.1%, while the coal sub-index gained 0.43%. ** Chinese battery giant CATL was up 0.8%, after having surged as much as 5.6%. ** CATL said late on Thursday it was planning a private share placement to raise up to 58.2 billion yuan ($8.98 billion) to fund six projects aimed at boosting its production capacity of lithium-ion batteries. ** The news also boosted confidence among lithium-ion battery makers and new energy vehicle makers. The new energy vehicle sub-index went up 0.4%. ** Hong Kong shares retreated as tech chips tumbled, with the technology sub-index dropping 2.1 %. ** China’s internet giant Alibaba dropped 3.2%, after BlackRock Inc revealed on Wednesday it had sold nearly 90% of its holdings of Alibaba in the second quarter. ** Index heavyweight Tencent declined 2.8%. ** “Rising regulatory and geopolitical risks are weighing on medium-term growth prospects, especially in segments targeted by national reform or security effort,” Union Bancaire Privée wrote in a note. (Reporting by Shanghai Newsroom; editing by Uttaresh.V) Our Standards: The Thomson Reuters Trust Principles.

مشاركة :