Chinese Shares Finish Lower on US Economic Downturn Fears; TCL Technology Drops 4%

MT Newswires Live08-05

Chinese shares slumped at the start of the trading week amid fears of an economic downturn in the US.

The Shanghai Composite Index lost 1.5%, or 44.64 points, to close Monday's session at 2,860.70. The Shenzhen Component Index dropped 1.9%, or 158.50 points, to 8,395.05.

Investor sentiment was dampened as the US' latest unemployment rate surged more than expected, prompting concerns about a recession. There are fears that the Federal Reserve may not be able to keep the interest rate unchanged in August.

The news overshadowed news of the Chinese service sector in July continuing with its expansionary trend. The Caixin China General Services Business Activity Index climbed to 52.1 in July from 51.2 in June, according to data published Monday.

In corporate news, TCL Technology (SHE:000100) fell 3.6% after disclosing that its unit, TCL China Star Optoelectronics Technology, was named as the preferred bidder for LG Display's (KRX:034220) factories in China.

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