China Stocks Close Lower Amid Oil Price Declines

MT Newswires Live08-13

Chinese stocks closed lower on Thursday amid a decline in oil prices and the country's central bank stopping short of signaling reductions in policy rates.

The Shanghai Composite Index, the main gauge of Chinese stocks, slipped 0.5% or by 19.71 points to 3,926.96. The Shenzhen Component Index fell 0.9% or by 124.99 points to 14,289.44.

Brent crude prices so far slipped by around 1%. The decline comes as investors are looking at weaker global demand this year, Reuters reported Thursday.

Meanwhile, the People's Bank of China said it will increase financial support across key areas by growing domestic demand, expanding technological innovation, and supporting micro and small enterprises.

Optical communications and tech companies also closed stronger on Thursday following strong forecasts from U.S. artificial intelligence firms.

Suzhou TFC Optical Communication (SHE:300394) closed 7% higher, while Jiangsu Shemar Electric (SHA:603530) shares closed 4% lower despite a 34% rise in first-half net attributable profit.

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