January 2, 2024Thomson Reuters

China stocks fall on first trading day of 2024 on tepid recovery, sentiment

The blue-chip CSI 300 Index lost 1.3% and the Shanghai Composite Index slipped 0.4% on Tuesday

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Hong Kong's Hang Seng Index fell 1.5% and the Hang Seng China Enterprises Index finished down 1.7%

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A private-sector survey showed China's factory activity expanded at a quicker pace in December due to stronger gains in output and new orders, but business confidence for 2024 remained subdued

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The Caixin PMI contrasted with official data released on Sunday that showed manufacturing activity shrinking at a faster pace and more than expected in December

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Foreign investors sold a net 5.2 billion yuan of Chinese stocks via the Stock Connect, the biggest daily outflow in more than two weeks

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Real estate developers slumped 3.6% to lead the decline, while shares in consumer staples, artificial intelligence, new energy declined between 1.8% and 2.3%

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Tech giants listed in Hong Kong lost 1.3% and mainland developers dropped 4.3%

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