A Revista Cadernos de Cultura e Ciência é de caráter nacional e multidisciplinar, cadastrada com o ISSN 1980-5861.

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China, HK stocks fall on COVID outbreaks, property sector worries

por Debra Whisman (2022-07-29)

SHANGHAI, July 21 (Reuters) - China and Hong Kong stocks fell on Thursday, as fresh COVID-19 outbreaks and mortgage boycott by homebuyers on unfinished projects sapped risk appetite.

** China's blue-chip CSI300 lost 0.5% by the lunch break, while the Shanghai Composite Index declined 0.4%.

** The small-cap CSI 1000 Index bucked the trend, rising to a four-month high ahead of Friday's launch of futures and options based on the gauge.

** In Hong Kong, the benchmark Hang Seng was down 1.4%.

** Investors were worried about the economic impact of new coronavirus outbreaks in China.

The country reported 943 new coronavirus cases for July 20, including 200 symptomatic. That compared with 1,012 new cases a day earlier.

** Although the number is small by global standards, authorities in China are sticking to the stringent zero-COVID policy, while other countries have relaxed their rules and chosen to live with COVID.

** Financial hub Shanghai said on Wednesday the current virus testing order would be extended for a month until end-August, requiring that residents take a nucleic acid test at least once a week.

** Meanwhile, Shenzhen vowed to "mobilise all resources" to curb fresh outbreaks, ordering strict implementation of testing and temperature checks, and lockdowns for COVID-affected buildings.

** Chinese authorities continued to grapple with a hutchinson island mortgage broker boycott that has seen a growing number of home buyers refusing to repay loans on stalled real estate projects.

** "Lingering caution persists for Chinese equities amid both virus and property sector risks," wrote Yeap Jun Rong, a market strategist at IG Asia.

** China's CSI 300 Real Estate Index dropped 2.7% in morning trade, having lost roughly 14% from its July 1 peak.

Mainland developers listed in Hong Kong slumped 3%.

** China's tech-focused STAR 50 Index rose 2%, while the CSI 1000 Index climbed 0.1%, hitting its highest since early March. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

ISSN: 1980-5861