China Stocks Retreat as Investors Weigh SCO Summit
The Shanghai Composite dipped by 0.4%, reaching approximately 8,360, while the Shenzhen Component decreased by 0.7% to 12,740 on Tuesday. This decline marked the end of a three-day upward trend in mainland stocks, as investors took the opportunity to secure profits. Market participants remained attentive to developments at the Shanghai Cooperation Organization summit in Tianjin, where China aimed to position itself as a global mediator amid ongoing trade disputes and geopolitical challenges. Additionally, Beijing emphasized the need for enhanced collaboration in the field of artificial intelligence. In economic news, a private survey released on Monday indicated that China's manufacturing activity resumed growth in August, contrary to expectations of continued weakness, as both new orders and export demand saw improvements. On the corporate front, significant decliners included China Northern Rare Earth (-2.6%), East Money Information Co. (-1.6%), Suzhou TFC Optical Communication Co. (-3.9%), Shanghai Stonehill Co. (-4.4%), and Lingyi iTech Co. (-7%).
Download NOW!
No comments:
Post a Comment