China Market extends losses on policy woes

The Mainland China share market finished session lower on Friday, 30 July 2021, as investors risk-off sentiments grappled with an uncertain regulatory landscape, given the range of industries targeted by the government including derailing Ant Group's blockbuster IPO to rules curbing monopolistic practices across the internet space, reducing leverage in the property industry and reforming the private education firms.

Investors remained cautious even after regulators in Beijing said its policy actions were meant to improve the sector, while commentaries and reports in state-run media sought to shore up sentiment.

At closing bell, the benchmark Shanghai Composite Index declined 0.42%, or 14.37 points, to 3,397.36. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose marginal 0.06%, or 1.45 points, to 2,385.82. The blue-chip CSI300 index fell 0.81%, or 39.10 points, to 4,811.17.

Liquor stocks declined in the mainland markets on concerns sales will be affected by limits on social gatherings. Kweichow Moutai, the world's most valuable liquor distiller, fell 4.1 per cent to 1,678.99 yuan, the lowest since mid-November. Its rival Wuliangye Yibin slid 6.1 per cent to 220.75 yuan. Tsingtao Brewery lost 8.8 per cent to 80.28 yuan.

Powered by Capital Market - Live News