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May 15, 2019

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Trade row hits markets

China’s main equity indexes finished lower yesterday as the tariff tussle between China and the United States escalated.

The benchmark Shanghai Composite Index lost 0.69 percent to end at 2,883.61 points. The Shenzhen Component Index shed 0.71 percent to close at 9,038.36 points, while the blue-chip CSI300 index lost 0.64 percent to end at 3,645.15 points.

Turnover on the two major bourses was 455.5 billion yuan (US$66.21 billion) compared with the 466.2-billion-yuan volume in the previous trading session.

The 5G sector was among the largest percentage gainers. Shares in Allwin Telecommunication Co Ltd and Wutong Group surged by the daily cap. The blockchain sector also led the gains. Shares in Homa hit the daily limit. The nonferrous metals sector also performed strongly.

Shares in the agriculture, forestry, animal husbandry and fishery industries continued on an upward trend.

Both the Shanghai Composite and the blue-chip CSI300 opened down 1 percent, but losses were contained at the close.

After China announced tariffs on US$60 billion of goods on Monday, US President Donald Trump said he was holding fire on taxing the remaining US$325 billion of Chinese goods and he was going to meet Chinese President Xi Jinping in June, reigniting hopes of an end to the trade friction.


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