China stocks fall sharply, set to snap winning streak
Updates at 0239 GMT
SHANGHAI, Oct 9 (Reuters) -Mainland China stocks plunged on Wednesday and were poised to snap a 10-day winning streak after officials failed to inspire confidence in stimulus plans intended to revive the economy.
Wednesday's moves were a reversal from those seen the day before, after mainland Chinese stocks returned from a week-long holiday with a bang while those in Hong Kong stuttered.
As of 0239 GMT, the benchmark Shanghai Composite index .SSEC fell 5.3% while the blue-chip CSI300 Index .CSI300 dropped 5.8%.
The A-share market comprised of stocks listed in Shanghai, Shenzhen and Beijing had a roller-coaster ride a day earlier after returning from a week-long holiday break, with turnover hitting a record 3.485 trillion yuan ($493.17 billion) on Tuesday.
Hong Kong's Hang Seng index .HSI is one of the best-performing major global markets this year, having seen its steepest rally in a generation over recent weeks. It was down 1.9% after starting the day higher.
"The market is widely anticipating a fiscal stimulus announcement sometime this month, something like 2-3 trillion yuan is the range being talked about," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.
"The positive sentiment on China assets lately is premised on expectation of a major fiscal stimulus package, so that sentiment will turn quickly if we don't get some package at least matching the range above."
Tourism shares were among the top losers on Wednesday, as data showed that spending during the Golden Week holidays was yet to recover to pre-COVID levels. An index tracking the performance of the sector .CSI930633 lost 7.8%.
Separately, property shares were another big draggers on the market. The CSI 300 Real Estate index .CSI000952 plunged 9.7%.
"To be sure, the impact of support measures will take time to unveil," Samuel Tse, economist at DBS, said in a note.
"A sustained property and consumption recovery, especially in tier 2-3 cities, requires further stimulus and a lasting positive wealth effect from the equity market."
In overseas markets, Singapore-traded FTSE China A50 futures SFCc1 fell about 1.5%.
($1 = 7.0665 Chinese yuan)
China stocks rally strongly https://reut.rs/3ZQNtV0
China's benchmark stock index logs biggest daily gain since 2008 https://reut.rs/4dmrDfq
Reporting by Shanghai Newsroom; Editing by Jamie Freed
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
