China stocks record worst quarter since 2018
US, WASHINGTON (ORDO NEWS) — Chinese stocks rose on Tuesday due to higher than expected activity data, but recorded the worst quarterly result since 2018 due to fears about the negative consequences associated with the coronavirus pandemic.
The CSI300 blue chip index added 0.33% to 3.686.16 points, while the Shanghai Composite rose 0.11% to 2.750.30 points in the hope that the world’s second largest economy will soon recover from the shock caused by outbreak of the virus.
Over the month, indices fell by 6.4% and 4.5%, respectively, from the maximum since May last year, while recording the worst quarterly result from the fourth quarter of 2018 – a decrease of 9.8% and 10%.
The CSI300 financial sector sub index fell 0.8%, the real estate index fell 1.3%, the consumer goods sector jumped 3.9%, and the healthcare subindex rose 1.4%.
Business activity in the manufacturing sector of China unexpectedly increased in March after a collapse a month earlier, but analysts warn that a sustainable recovery is still far away, since the global crisis caused by the coronavirus has hit export demand and threatens with a sharp recession.
The Hong Kong Hang Seng Index rose 1.42% to 23.503.16 points, while the Hang Seng China Enterprises Index climbed 1.63% to 9.555.16 points.
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