Updated December 26th, 2023 at 13:53 IST
Semiconductor shares pull down China stocks; Hong Kong market closed
China stocks finished lower on Tuesday, dragged down by semiconductor shares, while gaming stocks stabilised after a slew of companies announced share buyback plans.
China stocks finished lower on Tuesday, dragged down by semiconductor shares, while gaming stocks stabilised after a slew of companies announced share buyback plans. The Hong Kong market is closed for a holiday.
China's blue-chip CSI300 Index and the Shanghai Composite Index both closed down 0.7%.
Semiconductor and information technology shares led the decline, down 2.4% and 2%, respectively.
Hangzhou Changchuan Technology Co. and Sai Microelectronics Inc. lost 4.1% and 5%, respectively.
At least eight China-listed gaming companies, including Perfect World Co, have announced share buyback plans worth as much as 780 million yuan ($109.17 million) in total to boost investor confidence and stabilise share prices across an industry shaken by new regulatory moves.
Share prices of those companies mostly stabilised on Monday after sharp declines, with the CSI Anime Comic Game Index still down 1.1%.
China's onshore shares are still searching for a bottom and may cross the inflection point around the Lunar New Year, analysts at Orient Securities said in a note on Tuesday.
Published December 26th, 2023 at 13:53 IST