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China’s stock market falls as Beijing struggles to win over COVID

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In Science and Space: China’s stock market closed lower on Tuesday after hitting a two-year low in the previous session as rising cases in Beijing further clouded growth prospects for the world’s second-largest economy. rice field. The leading CSI300 index closed 0.8% lower at 3,784.12 and the Shanghai Composite Index closed 1.4% lower at 2,886.43 points. Three-quarters of Beijing’s 22 million residents lined up for COVID-19 testing on Tuesday. If the -19 situation worsens, it could have an even more severe impact on the future trajectory of the Zero COVID Strategy,” Nomura said in a note.

According to Nomura, there are currently 46 cities implementing full or partial lockdowns or some district-level control measures, accounting for 24.3% of China’s population and 35.1% of China’s GDP. I’m here. The stock rose 1.2% last week as several property developers joined talks with the People’s Bank of China to discuss selling distressed assets and other ways to help the default-hit sector, according to people familiar with the matter. The energy sub-index fell 3.5% while coal fell 4.2% as the ongoing lockdown in Shanghai fueled concerns over the global demand outlook.

Analysts also feared the spread of the virus and China’s adherence to its zero-COVID policy could further disrupt supply chains, cloud growth prospects and investor sentiment. Premier Li Keqiang said China should attach great importance to the economic impact of unexpected internal and external factors and will implement already formulated policies in the first half of the year to stabilize employment, prices, and fundamentals. added that it was necessary.

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Brokers fell 4.4% on him as some companies in the industry performed poorly in the first quarter on weak capital markets. Semiconductor and new energy stocks closed down 2.8% and 2.1%, respectively.

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