China stocks slip on worsening Ukraine crisis, fresh tech crackdown – Reuters

  • SSEC -1%, CSI300 -1.3%
  • Consumer shares slump, oil, gold miners jump
  • Fresh fears over China regulatory crackdown drives tech rout

SHANGHAI, Feb 22 (Reuters) – China shares fell on Tuesday, hit by consumer and “metaverse” stocks, as investors dumped riskier assets on worsening Ukraine crisis, while fears over a fresh round of regulatory crackdowns in the tech sector also weighed on sentiment.

** At the close, the Shanghai Composite index (.SSEC) was down 0.96% at 3,457.15 and the blue-chip CSI300 index (.CSI300) fell 1.3%.

** Leading losses, the consumer staples sector (.CSI000912) slumped 2.61% while the sub-sector index tracking comic, anime and gaming firms (.CSI930901) lost 5.04%.

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** China’s ambassador to the United Nations called all parties concerned in the Ukraine crisis to exercise restraint and avoid any action that might fuel tensions, after Russian President Vladimir Putin recognised two breakaway regions in eastern Ukraine as independent.

** Investor worries over the potential for a fresh wave of regulatory crackdowns in China’s tech firms set off steep drops in shares including “metaverse” concept stocks and food delivery giant Meituan (3690.HK).

** Chinese authorities have told state-owned firms and banks to start a fresh round of checks on their financial exposure and other links to Ant Group Co Ltd (688688.SS), Bloomberg News reported on Monday, citing people familiar with the matter. read more

** Global investors dumped equities of Chinese A-share index heavy weights including Kweichow Moutai (600519.SS), the biggest drag on the blue-chip index.

** Bucking a broader market slump, the CSI300 Energy index (.CSI000908) and CN Resources index (.CSI000944) gained 1.51% and 1.41%, respectively, while shares in most Chinese gold miners also jumped on higher oil and gold prices.

** The smaller Shenzhen index (.SZSC) ended down 1.24% and the start-up board ChiNext Composite index (.CNT) was weaker by 1.379%.

** Around the region, MSCI’s Asia ex-Japan stock index (.MIAPJ0000PUS) was weaker by 1.6%, while Japan’s Nikkei index (.N225) closed down 1.71%.

** At 07:10, the yuan was quoted at 6.3415 per U.S. dollar, 0.1% weaker than the previous close of 6.3352.

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Reporting by Shanghai Newsroom; Editing by Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles.

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