China shares down on fears of virus-triggered global restrictions

US, WASHINGTON (ORDO NEWS) — Chinese stocks fell on Monday, as investors’ concerns about global economic disruptions due to coronavirus outweighed the unexpected rate cut by China‘s central bank.

The blue chip index CSI300 fell 0.97% to 3.674.11 points, while the Shanghai Composite fell 0.9% to 2.747.21 points.

The financial sector lost 0.69%, the consumer goods and real estate sectors dropped 0.3% and 0.93%, respectively, and the healthcare index fell 1.07%.

The Hong Kong Hang Seng Index fell 1.36% to 23.164.04 points, while the Hang Seng China Enterprises Index fell 0.91% to 9.418.64 points.

On Monday, the Chinese central bank unexpectedly lowered the reverse repo rate by 20 basis points – for almost five years at the most – amid attempts by the authorities to contain pressure on the economy weakened by the coronavirus pandemic.


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