Wednesday, January 19, 2022

Real estate concerns have made Chinese stocks cheaper due to the weight of COVID-19

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SHANGHAI, Jan. 14 () – Chinese stocks fell on Friday as problems in the real estate sector continued to affect investor sentiment, raising concerns about the impact of the recent COVID-19 epidemic on the economy in the country.

The blue-chip CSI300 index fell 0.8% to 4,726.73 points, while the Shanghai Composite Index fell 1% to 3,521.26 points.

** During the week, the CSI300 index fell 2 percent and the Shanghai Composite Index fell 1.6 percent.

** China’s exports and imports grew more slowly in December, but exports were slightly higher than expected due to continued strong global demand.

** At a time when the country is battling its latest domestic COVID-19 epidemic, Shanghai’s eastern financial center has suspended some tourism activities. The tourism sub-index decreased by 2.1%.

** “Recent outbreaks of COVID-19 in several major cities are already putting pressure on a slowing economy,” the HSBC note said.

** “We now expect the central bank to provide more incentives by lowering key policy rates, perhaps the most appropriate medium-term lending (MLF) rate for the real economy, by 10 barrels,” HSBC added.

** Real estate manufacturers fell 3.5% in the fourth session as manufacturers who did not have more cash struggled to avoid defaults or raise money.

** Brokers fell 2.6 percent and CITIC Securities fell 5 percent after the stock placement plan. Banks fell 2.3 percent.

** Energy reserves decreased by 3% and coal miners by 3.6%.

Shanghai Information Center News; Edited by Rashmi Aich

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