Chinese stocks under stress on inflationary concerns

Chinese stocks turned lower today as geopolitical sentiments stayed stressed. Inflationary pressures also weighed as Chinese producer price index jumped 3.9% from a year ago, hitting the highest since July 2022. Consumer prices rose 1.2% in May from a year earlier, holding onto a broadly upward trajectory as it stood at just 0.2% in January. The benchmark Shanghai Composite Index fell 0.42 percent to 3,993.23 points. The Shenzhen Component Index closed 2% lower at 14,954.1 points. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 2.7% to close at 3,854.79 points. Overall mood has been volatile for Chinese stocks this week and the Shanghai Composite had slipped to two-month low on Monday. Risk sentiment was lax today as the US stocks stayed under pressure on war worries. NASDAQ slipped 0.97% yesterday and led losses yet again.

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