Chinese stocks closed lower on Friday and the yuan fell to its lowest level in four months, putting pressure on Asian markets and halting the stock market rally after an unexpected interest rate cut by the Swiss central bank caused investors to bet on who will ease monetary policy next.
The yuan hit 7.24 per dollar, the lowest value since November 17, 2023.
Foreign investors sold 3.1 billion yuan ($428.9 million) of Chinese stocks on a net basis via Stock Connect, marking the second straight session of outflows.
The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, closed down 1.01%, with the financial sector sub-index down 1.11%, the basic consumer goods sector down 1.29%, the real estate index down 1.68% and the consumer staples sector down 1.29%. the healthcare sub-index lost 1.35%.
The Shanghai index fell 0.95%, while Hong Kong’s Hang Seng index lost 2.16%.
. In TOKYO the Nikkei index advanced by 0.18%, to 40,888 points.
. In HONG KONG the HANG SENG index fell by 2.16% to 16,499 points.
. IN SHANGHAI the SSEC index lost 0.95%, to 3,048 points.
. The CSI300 index, which brings together the major companies listed in SHANGHAI and SHENZHEN, fell by 1.01% to 3,545 points.
. In SEOUL the KOSPI index fell by 0.23% to 2,748 points.
. In TAIWAN the TAIEX index recorded an increase of 0.15%, to 20,228 points.
. IN SINGAPORE the STRAITS TIMES index fell by 0.07% to 3,217 points.
. In SYDNEY the S&P/ASX 200 index fell by 0.15% to 7,770 points.
Source: Terra
Ashley is a professional author and journalist, working at 247 News Update. She writes on various topics from economy  news to general interest pieces, providing readers with relevant and informative content. She brings a unique perspective and in-depth analysis to her work.
