Chinese Stocks Hit Six-Year Low Amid Weak Sentiment
China's stock market reached its lowest close in nearly six years, driven by weak consumer-related shares. The blue-chip CSI 300 dropped 0.4%, while the Shanghai Composite index fell 0.2%. Investors are awaiting economic data for potential recovery indicators, with domestic demand remaining sluggish.
China's stock market reached its lowest close in nearly six years on Thursday, largely driven by a decline in consumer-related shares. Sentiment stayed weak ahead of the holidays with investors waiting for a slew of economic data for further catalysts.
The blue-chip CSI 300 index dropped 0.4%, hitting its lowest point since January 2019, while the Shanghai Composite index fell 0.2%. Jason Lui, head of APAC equity and derivative strategy at BNP Paribas, explained that inconsistent policy implementation has been a major challenge this year.
With domestic demand remaining weak, investors are looking forward to economic data releases this Saturday, including retail sales and house prices, for any signs of improvement. Meanwhile, the consumer staples sector fell 2.65%, pulling down overall stock performance. However, the financial sector saw a slight gain of 0.32%.
(With inputs from agencies.)
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