Chinese Shares on Three-Day Losing Streak as Trump Vows Additional 10% Tariffs; NSIG Anhui Hongsifang Fertilizer Surges 1,917%

MT Newswires Live2024-11-26

Chinese shares were down again on Tuesday after US President-elect Donald Trump said the US will place an additional 10% tariff on all Chinese goods.

The Shanghai Composite Index, the main gauge of Chinese stocks, declined 4.00 points to 3,259.76. The Shenzhen Component Index slipped 0.8% to 10,333.23. Both indices were down for a third straight session.

In a post on Truth Social, Trump said China failed to curb the "massive amount of drugs," including fentanyl, from being sent to the US.

"Until such time as they stop, we will be charging China an additional 10% tariff, above any additional tariffs, on all of their many products coming into the [US]," Trump said.

In company news, shares of CNSIG Anhui Hongsifang Fertilizer (SHA:603395) surged 1,917% versus its initial public offering price of 7.98 yuan on the first day of its trading on the Shanghai bourse.

RIAMB (Beijing) Technology Development (SHA:603082) closed 3% lower on Tuesday, as it signed a 159.1 million yuan warehouse system contract with PetroChina Jilin Chemical Engineering.

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