Chinese stocks fell on Tuesday on weaker sentiment amid fears the U.S. Federal Reserve would tighten policies and market uncertainties ahead of the Chinese New Year holiday, with media companies leading the decline. The CSI300 index fell 0.8% to 4,748.54 points in late morning trading, while the Shanghai Composite Index lost 1.1% to 3,484.80 points.
The Hang Seng index fell 1.2% to 24,351.38 points. The Hong Kong Chinese Enterprise Index fell 1.0% to 8,569.14. **Real estate developers lost 2% on concerns over debt issues in the strained sector.
** Energy stocks were down 2.4%, Coal Miners down 3.2%. ** Media companies fell nearly 4%, after the Cyberspace Administration of China (CAC) launched a month-long campaign on “clean cyberspace”.
** The Federal Reserve will begin its two-day meeting later on Tuesday, and Chinese markets will be closed for the New Year holiday from Jan. 31. ** Tech giants and financial firms dragged Hong Kong stocks lower on concerns over the accelerating US. rate hikes and growing tensions over Ukraine.
** The Hang Seng Tech index fell 1.7%, with Alibaba Group, Tencent Holdings and Meituan down 0.9% to 1.6%. ** The Hang Seng Finance Index fell 1.4%. Insurer AIA Group and banking and financial services provider HSBC Holdings lost 3% and 2.1% respectively, two main point contributors to the Hang Seng index.
**Healthcare companies fell 2%, with Sino Biopharmaceutical Ltd down 4.2% to become the second largest percentage decline in the Hang Seng index. ** Property developer Shimao Group Holdings jumped 7.5% after selling its stakes in a Guangzhou resort to a state-owned partner for 1.84 billion yuan ($290.65 million), following the sale of commercial land in Shanghai last week.
**However, China Evergrande Group fell 3.8% as the cash-strapped developer asked its offshore bondholders for more time to work on a “comprehensive” and “effective” debt restructuring plan.
(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)