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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.

Thomson Reuters
Semiconductor shares pull down China stocks
Semiconductor shares pull down China stocks | Image:Unsplash
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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.

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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.

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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.

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Published December 26th, 2023 at 13:53 IST

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