China Stocks Open Lower Despite State Support; US Bans Genomics Firms

MT Newswires Live10-29 10:09

Chinese shares opened lower on Thursday as state-backed purchases failed to stem a prolonged market decline.

The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.1% lower to 3,676.77. The Shenzhen Component Index declined 0.8% to 11,379.00.

State buying by Central Huijin Investment and other government-backed investors helped lift the CSI 300, but analysts cautioned that intervention alone was unlikely to sustain a broader recovery.

While the purchases could provide temporary support, a lasting rally would depend on stronger corporate earnings and domestic demand.

Separately, the U.S. banned imports from Chinese genomics companies BGI Genomics (SHE:300676), Shenzhen BGI Technology and MGI Tech (SHA:688114), citing alleged involvement in forced labor involving Uyghurs and other ethnic minorities in the Xinjiang Uyghur Autonomous Region.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment