China’s stocks declined in early trading, taking a respite after rallying by the most in three months, as investors assessed the strength of the economic recovery and the prospect of refresh US stimulus packages. Trading was halted in Hong Kong due to an approach by the tropical storm Nangka.
The Shanghai Composite Index dropped 0.5 per cent to 3,342.18 in early trading on Tuesday. It jumped 2.7 per cent a day earlier on expectations that the recovering in the Asian nation will gather pace and President Xi Jinping will unveil further reform measure in his trip to Shenzhen to mark the 40th anniversary of the economic zone in southern China on the doorsteps of Hong Kong.
China’s stocks top US$10 trillion as economy shakes off 2015 rout, Covid-19
The combined market values of the companies trading on the Shanghai and Shenzhen exchanges rose to US$10.04 trillion on Monday, surpassing the US$10 trillion mark for the first time since 2015. China is the world’s second-largest equity market after the United States.
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China is due to release the September data on exports and imports on Tuesday and the data on third-quarter economic growth will be released on October 19. Other markets in Asia were mixed as the US was still deadlocked over a new round of stimulus measures.
Hong Kong’s securities market has been halted from trading in the morning session after the local weather agency raised the typhoon signal to the third-highest level on early Tuesday, the market operator said in a statement.
The Hong Kong Observatory issued the No