Chinese stocks tumbled on Wednesday amid fears of a slowdown in the country’s economy in the second quarter of the year. A report released by the China Big Book showed that June data did not show the expected strength of the economy after the stimulus policy announced by the Chinese government, as employment fell in all manufacturing sectors except the food and beverage sector between the first and second quarters, which indicates the possibility of an economic slowdown in the second quarter of this year.
As a result of the session, the Shanghai Composite index fell by 1.40% to 3361 points, the CSI 300 index fell by 1.54% to 4421 points, and the Shenzhen Composite index fell by 2.20% to 2194 points. Technology stocks tumbled on the Hong Kong Stock Exchange as Ali Baba shed 3.05% at the close of trading and Metuan shares fell 2.31%, sending the Hang Seng index down by 1.88% up to 21,996 points. . The Chinese currency rose slightly by 0.13% to 6.6991 yuan against its US counterpart at exactly 12:01 Beirut time.
Source: El Iktisad
