Chinese Stocks Drop Amid Ongoing Iran Conflict, Mixed Economic Data

MT Newswires Live03-04

Chinese stocks declined due to continued investor anxiety over the ongoing Iran conflict, with contradictory economic figures not easing the negative mood either.

The Shanghai Composite Index fell nearly 1%, or 40.20 points, to close Wednesday's trade at 4,082.47. The Shenzhen Component Index also lost about 0.8%, or 104.64 points, to 13,917.75.

Official data from the National Bureau of Statistics showed that the manufacturing purchasing managers' index or PMI was still in contraction in February, dropping 49.0 from 49.3 in the prior month. However, RatingDog said China's manufacturing activity was in expansion, with the PMI rising to 52.1 from 50.3 in January.

RatingDog's reading also showed that the service sector was in expansion as the China General Services Business Activity Index jumped to 56.7 from 52.3 in January.

Despite having ample oil supply to weather the affected global supply due to the Middle East conflict, China is calling on Tehran to keep the Strait of Hormuz open to keep oil supplies flowing.

In corporate news, ENN Natural Gas (SHA:600803) dropped 4.4% as its stock experienced abnormal stock movement amid the Middle East tensions.

Inner Mongolia Xingye Silver & Tin Mining (SHE:000426) also fell 4.4% amid plans to dispose of 60% of its subsidiary, Xilingol League Shuangyuan Nonferrous Metals Smelting, for 207.7 million yuan.

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