Equity

Grow with Intelligence

China Market falls on trade uncertainty
(15 Nov 2019, 20:10)
The Mainland China equity market closed down on Friday, 15 November 2019, amid uncertainty over the state of U.S.-China trade negotiations after talks between the economic powerhouses have reportedly hit a snag over agricultural purchases. However, market losses caped as soft domestic economic data reinforced expectations that Beijing will introduce fresh measures to support economic growth. At closing bell, the benchmark Shanghai Composite Index declined 0.64%, or 18.53 points, to 2,891.34. The Shenzhen Composite Index, which tracks stocks on China's second exchange, was down 1.13%, or 18.42 points, to 1,605.70. The blue-chip CSI300 index sank 0.74%, or 28.77 points, to 3,877.09. For the week, CSI300 was down 2.4%, while Shanghai Composite Index shed 2.5%.

Chinese Ministry of Commerce spokesman Gao Feng said overnight that both countries are holding deep discussions about a “phase one” deal, but noted that the rolling back of some tariffs is key to reaching an agreement.

White House economic adviser Larry Kudlow said both countries are getting close to a deal, citing what he called very constructive talks with Beijing.

Latest economic data showed China's factory output growth slowed significantly more than expected in October, as weakness in global and domestic demand and the drawn-out trade war weighed on broad segments of the world's second-largest economy. The disappointing numbers will bolster calls for Beijing to roll out fresh support after third quarter growth slowed to its weakest in almost three decades, with factory production bruised by the trade war.

Pig-farming stocks declined on profit booking after the lift of a ban on the imports of poultry from the US. Muyuan Foodstuff tumbled 4.4% to 90.78 yuan and Hunan New Wellful lost 4.2% to 8 yuan. Chicken-farming companies also fell. Shandong Yisheng Livestock and Poultry Breeding sank 5.2% to 29.50 yuan and Shandong Minhe Animal Husbandry retreated 5.4% to 33.03 yuan.

Powered by Capital Market - Live News