Chinese stocks edged lower in post-holiday trade after upbeat spending data failed to boost sentiment.
(Bloomberg) — Chinese stocks edged lower in post-holiday trade after upbeat spending data failed to boost sentiment.
The CSI 300 Index fell as much as 0.7% as trading got underway after the Golden Week holiday. Shares linked to the energy and financial sectors led declines.
Robust holiday spending figures are doing little to shore up Chinese equities, after the reopening rally faltered amid growth jitters and geopolitical risks. An unexpected contraction in the manufacturing sector is reinforcing concerns about an uneven recovery after the nation emerged from years of strict Covid curbs.
“The contraction in April manufacturing activity is worrying while the holiday travel boom has been expected and priced in already in the past few weeks,” said Dickie Wong, director of research at Kingston Securities Ltd. “So the pullback with the onshore market today is not surprising.”
Energy shares were among the biggest losers after a recent slump in oil prices. PetroChina Co. Ltd. declined as much as 4.3% and China Oilfield Services Ltd. fell 5.8%.
Travel-related stocks also dropped. China Tourism Group Duty Free Corp., a bellwether for the industry, slid as much as 4.2%.
In Hong Kong, the Hang Seng Index rose 0.3% while a gauge tracking Chinese companies climbed 0.7%.
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