China Market falls on profit taking, ahead of trade data

Mainland China share market finished session slightly in negative territory on Wednesday, 08 May 2024, as investors pocketed some gains on caution ahead of the release of a key set of economic data including trade figures (due on Thursday) which is expected to shed light on the state of domestic economic recovery.

Optimism over improving economic conditions in China- amid persistent stimulus measures and easing restrictions on investment- had driven key indices to six-month highs. The trade data due on Thursday is expected to show more signs of recovery in the world's second largest economy.

At close of trade, the benchmark Shanghai Composite index declined 0.61%, or 19.26 points, to 3,128.48. The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 1.33%, or 23.95 points, to 1,772.82. The blue-chip CSI300 index dropped 0.79%, or 28.79 points, to 3,630.22.

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