China Shares Close Lower as State Buying Fails to Stem Market Rout

MT Newswires Live10-29 15:42

Chinese stocks closed lower on Thursday despite government-backed buying aimed at stemming a sustained market downturn.

The Shanghai Composite Index, the main gauge of Chinese stocks, closed 0.8% lower to 3,651.43. The Shenzhen Component Index fell 2.9% to 11,138.20.

Purchases by Central Huijin Investment and other China state-backed investors had boosted the CSI 300, but analysts warned that government intervention alone was unlikely to deliver a lasting recovery. A sustained rebound would require stronger corporate earnings and firmer domestic demand.

Separately, the U.S. barred imports from Chinese genomics firms BGI Genomics (SHE:300676), Shenzhen BGI Technology and MGI Tech (SHA:688114), citing alleged forced-labor links involving Uyghurs and other ethnic minorities in Xinjiang.

In company news, Universal Scientific Industrial Shanghai (SHA:601231) will transfer a specific business of subsidiary Asteelflash USA to related party USI Asteelflash USA, with the price is expected at about $13.0 million in book cost and transaction value. Shares of the electronic product design company fell 10% Thursday.

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