Chinese Shares Dip Ahead of Stimulus Announcements; Xinjiang Communications Construction Slumps 6%

MT Newswires Live10-11

Chinese shares plummeted on Friday as investors are cautious about upcoming stimulus announcements on Saturday.

The Shanghai Composite Index slid 2.6%, or 84.19 points, to cap the week's trading at 3,217.74. The Shenzhen Component Index dropped 3.9%, or 410.34 points, to 10,060.74.

Chinese Finance Minister Lan Foan is expected to introduce a fiscal package, which may include government bonds and grants.

Analysts, including SPI Asset Management managing director Stephen Innes, said that traders are on the lookout for strong, detailed measures, not just general statements.

The gloomy sentiment overshadowed the 14.3% year-on-year rise in China's services trade to 4.89 trillion yuan between January and August, which was published by the Ministry of Commerce.

In corporate news, Xinjiang Communications Construction Group (SHE:002941) slumped nearly 6% after planning to acquire the remaining 49% stake in Xinjiang Infrastructure Construction for 30 million yuan.

Huaneng Lancang River Hydropower (SHA:600025) fell 3% despite recording a 3.8% rise in its power generation for the first three quarters.

Additionally, YGSOFT (SHE:002063) lost nearly 5% following the appointment of Shi Ruijie as chair.

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