Most Chinese stocks fell at Thursday’s close, coinciding with the stability of the yuan after the Federal Reserve raised the US interest rate by 75 basis points, as well as fears of the Covid-19 outbreak in the country and the return of quarantine restrictions hindering economic recovery.
The city of Shanghai reported 16 cases of the Covid-19 virus on Wednesday, prompting it to close some residential complexes and announce mass testing every weekend until the end of July in an attempt to identify cases early and stop the spread of infection in order to maintain a “zero zero” policy. Covid. “And eliminate the epidemic that undermines the country’s economy.
As a result of the session, the Shanghai Composite Index fell by 0.61% to 3285 points, while the CSI 300 index fell by 0.66% to 4250 points, while the Shenzhen Composite rose by 0.37% to 2106 points. On the Hong Kong Stock Exchange, Tencent closed down 3.21%, Ali Baba closed down 3.03% and NetEase closed down 5.29%, pushing the Hang Seng index down by 2.17% up to 20845 points at the end of transactions. The Chinese currency settled at 6.7144 yuan against its US counterpart at exactly 12:44 Beirut time.
On geopolitical developments, Chinese President Xi Jinping reaffirmed his support for Russia on issues of “sovereignty and security” in a telephone conversation with his Russian counterpart Vladimir Putin on Wednesday, and also reiterated his support for deepening the two countries’ comprehensive partnership despite the global backlash against the military Russian operation in Ukraine.
Source: El Iktisad
