Chinese Shares Closes With Losses; Wuxi Taiji, Kehua, Maanshan Close Around 5%

MT Newswires Live2024-12-23

Chinese shares closed the first day of the trading week with losses, bucking the positive sentiment seen in its Asian peers.

Most Asian markets posted gains on Monday after softer US inflation data eased concerns that the Federal Reserve might adopt a more hawkish stance on interest rates in 2025.

The Shanghai Composite Index fell 0.5%, or 16.81 points, to close Monday's trade at 3,351.26. The Shenzhen Component Index dropped 1%, or 109.22 points, to 10,537.40.

In corporate news, Wuxi Taiji Industry (SHA:600667) closed 5.9% lower as it plans to sell up to $80 million in accounts receivables to CCB Taihu New City Branch.

Kehua Holdings (SHA:603161) lost 5.8%, following plans to invest up to $16 million to establish a subsidiary and build a production base in Thailand.

Maanshan Iron & Steel's (HKG:0323, SHA:600808) Shanghai shares dropped 5.2% amid plans to establish a subsidiary for 1 billion yuan.

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