Market Commentary - Foreign Markets
China Stocks Tumble Amid Frail Economic Cues As on : 27-Jun-24  17:17

Asian stocks declined on Thursday as China industrial profits data disappointed. China's Shanghai Composite index fell 0.90 percent to 2,945.85 after data showed a sharp slowdown in industrial profit growth in May.

Hong Kong's Hang Seng index tumbled 2.06 percent to 17,716.47, dragged down by tech stocks.

China's industrial profits increased at a slower pace in the January to May period, data from the National Bureau of Statistics showed on Thursday.

Industrial profits posted an annual growth of 3.4 percent in the first five months of the year, the National Bureau of Statistics reported. This compares to the 4.3 percent growth seen in the January to April period.

In May, profits at large companies advanced only 0.7 percent annually, after expanding 4.0 percent in the previous month.

Powered by Capital Market - Live News