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Home / Business / Chinese Stocks Drop as Xis Milestone Tale Disappoints Traders

Chinese Stocks Drop as Xis Milestone Tale Disappoints Traders



(Bloomberg) – Chinese shares went down as President Xi Jinpsing's speech about the country's four decades of reform did little to lift the feeling.

Shanghai Composite Index stopped 0.8 percent, the lowest since November 29th. Technically heavy ChiNext meters fell 0.5 percent, and Hong Kong's Hang Seng index fell 1.1 percent, and cleared an early advance. The trade volume of the Shanghai meter was almost 30 percent below the 30-day average, according to data prepared by Bloomberg.

With no specific policies mentioned by Xi, "investors should wait for the Central Economic Work Conference for a policy tone and action from the two meetings early next year," said Dai Ming, a Shanghai-based fund manager with Hengsheng Asset Management Co. " It takes time for these guidelines to be rolled out and really have an impact. "

Xi says reform and opening up is a revolution in China's history

The annual economic policy gathering will take place later this week, an event that has driven speculation The government will loosen policy to help growth. Tax deficits may be top of the reform agenda next year, China Daily reported Tuesday, referring to an unidentified tax administration officer.

"A-share investors are usually conservative before such meetings," said Zhang Gang. , a strategist with Central China Securities Co. in Shanghai. "It is still uncertain what policy will be announced. It remains to be seen how much the government wants to cut taxes. The downturn in US stocks has also affected the sentiment overnight, "he said.

Stock markets were lower throughout Asia in the wake of sales in the US, where the S & P 500 index stopped at its lowest in 14 months. MSCI Asia Pacific Index fell 1 percent.

Asia Stocks Drop After US Slide 14 Months Low: Market Negotiation

"Hong Kong and China shares should have slumped to follow the United States openly, but they did not, which was unusual, says Castor Pang, Research Director at Core Pacific-Yamaichi International HK, adding that investors eventually took their signals from the United States to ship shares lower.

Other Index and Stock Movements:

Shandong Gold Mining Co. among leading winners on the CSI 300 Index, rises 2.3%; Close: Gold Holds Advance As Investors Wait For This Storm CSI 300 -1%, Shenzhen Composite -0.8%, HSCEI -1.2% Greentown China Ships 11% In Hong Kong Following The Plans To Buy Aeon Life stakeYuan up 0.04% against US dollars, mating 0.14% gain Dividend from China's 10-year government debt, slightly changed 3.38%

– With the help of Sofia Horta e Costa.

To contact Bloomberg News employees for this story: Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net; Jeanny Yu in Hong Kong at jyu107@bloomberg.net; Amanda Wang in Shanghai at twang234@bloomberg.net

To contact the editors responsible for this story: Richard Frost at rfrost4@bloomberg.net, Will Davies, David Watkins

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