Stocks in China Hit 9-week Low

The Shangai Composite Index fell -30 points or 0.76 percent on Thursday to close at 3919 points. Leading the losses are China Fortune (-4.32%), China Eastern Airlin (-3.74%) and SAIC Motor (-3.51%). Top gainers were China Coal (3.59%), Agricultural Bank of China (3.29%) and Kangmei Pharma (2.81%).

The Shanghai Composite fell 0.7% to close at 3,919 on Thursday, while the Shenzhen Component dropped 1.6% to 13,487, tracking losses across Asian peers as market sentiment turned subdued amid mixed signals from US President Trump on the potential easing of the Middle East conflict. He said the war in Iran was “very close” to completion and expected to meet its objectives in the coming weeks, yet also warned that military operations could escalate even as diplomatic efforts continue. Meanwhile, the People’s Bank of China drained CNY 890 billion through short-term operations in March and absorbed another CNY 250 billion via longer-term tools, reversing months of liquidity support. With growth rebounding and the Iran conflict lifting oil prices, the central bank is taking a more cautious stance that could help China exit record deflation. Notable declines were posted by Contemporary Amperex Technology (-1.1%), Zhongji Innolight (-3.3%), Sungrow Power Supply (-5.4%), and Foxconn (-2.5%).

The Shangai Composite Index gained 57 points or 1.47 percent on Wednesday to close at 3949 points. Gains were led by China Eastern Airlin (6.59%), China Molybdenum (5.95%) and Sany Heavy Industry (5.15%).