Fear of commercial war brings Chinese shares to two-year lows
Chinese stocks lost initial gains from Thursday’s session and ended the session lower, with the Shanghai benchmark closing at a two-year low due to the caution prevailing despite the decline in fears of a trade war between the United States. and China.
The CSI300 preferred stock average closed with a decline of 1.2% to 3,592.97 units, while the Shanghai composite index fell 1.4% to 2,875.81 points.
The shares of a hundred firms fell to the daily limit of 10%.
Market players found some comfort after Beijing announced it will apply selective bank reserve cuts and adopt other monetary policy measures to improve the provision of credit for small businesses.
However, the confidence was still affected by long-lasting concerns about a potential trade war between China and the United States.
China’s Ministry of Commerce accused the United States of having a temperamental attitude on bilateral trade issues on Thursday and warned that, ultimately, the interests of US workers and farmers will be harmed.
The main percentage winners of the session in the Shanghai composite index were Nanjing Inform Storage Equipment Group Co Ltd, with an increase of 10.02%; Xining Special Steel Co Ltd, which advanced 9.98%; and Wintime Energy Co Ltd, with an improvement of 9.94%.
The largest percentage losses were led by NINGBO BIRD Co Ltd, with a decline of 10.11%; Shandong Huapeng Glass Co Ltd, which plunged 10.05%; and Shenzhen Kingdom SCI-Tech Co Ltd, which yielded 10.04%.