China stocks come off 10-year high; HK extends losing streak on Sino-US tensions
CHINA-STOCKS/MIDDAY:China stocks come off 10-year high; HK extends losing streak on Sino-US tensions
HONG KONG, - China stocks retreated from a 10-year high on Friday while Hong Kong shares were headed for the longest losing streak since March, as fresh geopolitical frictions curbed risk appetite and profit-taking pressure rose.
** China's blue-chip CSI300 Index dropped 1.3%, while the Shanghai Composite Index fell 0.5% after touching its highest since 2015 on Thursday.
** Hong Kong's benchmark Hang Seng Index was down 1.1%, its fifth straight decline and the longest losing streak since March.
** Sentiment weakened after China expanded rare earths export controls, following U.S. lawmakers' call earlier this week for broader bans on the export of chipmaking equipment to China.
** Beijing has added five elements and tighter scrutiny for semiconductor users, and announced curbs on items related to lithium batteries and artificial graphite anode materials.
** The CSI Rare Earth Index declined 2%. Shenzhen-listed shares of battery maker Contemporary Amperex Technology Co Ltd fell 6.3% and CALB was down 8.6%.
** "We believe the U.S. and China could both be strengthening their leverage in trade talks, ahead of a potential summit between the two presidents," Citi analysts said in a note.
{{/usCountry}}** "We believe the U.S. and China could both be strengthening their leverage in trade talks, ahead of a potential summit between the two presidents," Citi analysts said in a note.
{{/usCountry}}** Profit-taking in chip-related shares also persisted following recent outperformance. The CSI Semiconductor Index slipped 4.1% and the AI sector was down 3.4%.
{{/usCountry}}** Profit-taking in chip-related shares also persisted following recent outperformance. The CSI Semiconductor Index slipped 4.1% and the AI sector was down 3.4%.
{{/usCountry}}** The electric vehicle sector was also under pressure with the New Energy Vehicles Index down as much as 5.2%, after regulators revised tax-exemption rules.
{{/usCountry}}** The electric vehicle sector was also under pressure with the New Energy Vehicles Index down as much as 5.2%, after regulators revised tax-exemption rules.
{{/usCountry}}** Investors await China's trade data due Monday.
{{/usCountry}}** Investors await China's trade data due Monday.
{{/usCountry}}** "Market sentiment is shifting gears, moving from a liquidity narrative toward profit-driven dynamics," Yintai Securities said in a note.
{{/usCountry}}** "Market sentiment is shifting gears, moving from a liquidity narrative toward profit-driven dynamics," Yintai Securities said in a note.
{{/usCountry}}** Overall, the upward momentum of A-share markets is expected to slow down in the fourth quarter, with benchmark indexes likely to be dominated by sideways consolidation and volatility, they added.
{{/usCountry}}** Overall, the upward momentum of A-share markets is expected to slow down in the fourth quarter, with benchmark indexes likely to be dominated by sideways consolidation and volatility, they added.
{{/usCountry}}This article was generated from an automated news agency feed without modifications to text.
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