Chinese stocks fall as new sanctions on Russia dampen sentiment

China A-shares fell on Monday, dragged lower by financials and consumer company stocks, as tough new Western sanctions on Russia after its invasion of Ukraine steered investors away from riskier assets. **At the lunch break, the Shanghai Composite was down 0.14% at 3,446.44.

** China’s blue-chip CSI300 index was down 0.36%, with its financial sector sub-index down 0.73%, the consumer staples sector down 0.64%, the real estate index down 1.61% and the health sub-index down 0.59%. **Hong Kong-listed Chinese H-shares fell 1.15% to 7,899.62, while the Hang Seng index fell 1.38% to 22,452.16.

** The Hang Seng hit its lowest level since March 24, 2020 and is only 6.2% above its lowest point in March 2020 at the height of global market panic over the initial spread of COVID-19. **Shenzhen’s smaller index was down 0.27%, the start-up board’s ChiNext Composite index was up 0.11% and Shanghai’s technology-focused STAR50 index was down 0, 07%.

**Materials, energy and defense stocks rose as investors bet on sectors they saw as likely to benefit from the conflict in Ukraine. ** The CSI Defense Index rose 1.77% and the SSE Resource Index rose 1.66%.

**Around the region, the MSCI Asia ex-Japan equity index weakened 0.90% while the Japanese Nikkei fell 0.42%. ** The yuan was quoted at 6.3112 to the dollar, 0.09% firmer than the previous close of 6.317.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)