China stocks decline amid economic recovery disappointment
The Hindu
China shares slump as stimulus plans disappoint; Hong Kong stocks fluctuate; Japan's Nikkei rises; US markets rally.
Shares in China slumped on Wednesday (October 9, 2024), as details of economic stimulus plans from officials in Beijing failed to live up to investors' expectations, while other markets in Asia rose.
Stocks in Hong Kong fluctuated between gains and losses, with the Hang Seng Index falling by 2.4 per cent to 20,418.61. This decline followed a plunge of over 9 per cent on Tuesday as traders sold off shares after recent rallies.
“A lack of new stimulus has been the cause of disappointment, with many market participants hoping that its fiscal policies will follow in the footstep of the financial bazooka' delivered in late-September, but there was clearly a step-down in yesterday's announcement,” Yeap Jun Rong of IG said in a commentary.
The Shanghai Composite lost 5.1 per cent to 3,311.02 after it gained 4.6 per cent Tuesday, reopening from a national holiday. The CSI300 Index, which tracks the top 300 stocks traded in the Shanghai and Shenzhen markets, gave up 5.6 per cent.
“Let's call it what it is — an abject failure — as Chinese shares opened sharply lower, sending a clear signal that the market is no longer buying half-hearted promises,” Stephen Innes of SPI Asset Management said in a commentary.
In Tokyo, the Nikkei 225 index advanced 0.6 per cent to 39,178.70. Shares of the Japanese retailer Seven & Holdings soared more than 10 per cent in early trading after media reported that Canadian convenience store operator Alimentation Couche-Tard had increased its takeover bid by about 20 per cent.
Japan's Parliament was due to be dissolved on Wednesday (October 9, 2024) to pave the way for a general election. Prime Minister Shigeru Ishiba is seeking to consolidate support after taking office last week, amid signs the Liberal Democrats' ruling coalition remains shaky after Ishiba's predecessor, Fumio Kishida, stepped down following a slew of scandals among the party's lawmakers.
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