China shares fall on financial outlook, HK down on indicators of tech crackdown

SHANGHAI, June 22 (Reuters) – Mainland Chinese language shares ended
decrease on Wednesday, as excessive climate in some elements of the
nation added uncertainty to financial restoration from COVID-19
shocks, whereas indicators of contemporary crackdown on tech corporations and the
platform financial system damage the Hong Kong market.

** On the market shut, the Shanghai Composite Index
closed down 1.2% at 3,267.2 factors, whereas the blue-chip CSI 300
index misplaced 1.27% to 4,270.62.

** The monetary sector sub-index edged down 1.48%,
the buyer staples sector eased 0.54%, whereas the
actual property index fell 1.65%.

** Hong Kong’s benchmark Hold Seng index dropped 2.56% to
21,008.34 factors on the shut, whereas the Hong Kong China
Enterprises Index misplaced 2.84%.

** Warmth waves in northern and central China drove up electrical energy
demand to report ranges as tens of millions switched on air conditioners
to flee the sweltering situations, whereas floodwaters within the
south submerged villages and trapped metropolis residents.

** Whereas some traders had been frightened that the flood may immediate
provide chain disruptions, a modern UBS survey of 507 senior
company executives carried out in April and Could confirmed that
COVID disruptions have brought on extra detrimental impression on enterprise
than that in 2021, the financial institution stated in a be aware.

** “Respondents reported softer outlook in H2/2022 with
expectation for slower gross sales development, decrease revenue margin, weaker
home and export orders.”

** Some merchants and analysts stated markets can pay shut
consideration to June financial indicators to gauge the tempo of
financial restoration, after the monetary hub of Shanghai lifted
its two-month lengthy lockdown at the beginning of this month.
** In Hong Kong, shares snapped a three-day rally, pressured by
contemporary investor worries over a clampdown on tech corporations, whereas
international development prospects, stubbornly excessive inflation and tighter
monetary situations additionally damage sentiment.
** The tech sector was among the many greatest loser, with Hold Seng
Tech Index plunging 4.37%, after regulators sought
public session on doubtlessly banning third-party
pharmaceutical e-commerce platforms from on-line drug gross sales.

** Shares of pharmaceutical e-commerce platform operator Alibaba
Well being Info Know-how Ltd closed down 13.85%
at HK$4.79, and its rival JD Well being Worldwide Inc
tumbled 14.84% to HK$53.4.

** Individually, Hong Kong-listed Chinese language reside streaming companies
suppliers additionally tumbled after Chinese language regulators rolled out contemporary
measures regulating the trade. Shares of Kuaishou Know-how
misplaced 4.08% to HK$82.35 on the shut.
** Market contributors will monitor U.S. Federal Reserve chair
Jerome Powell’s testimony to Congress later within the session, with
traders on the lookout for additional clues about whether or not one other
75-basis-point price hike is on the playing cards in July.
(Reporting by Shanghai Newsroom; Enhancing by Rashmi Aich and
Shailesh Kuber)

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