Market Commentary - Foreign Markets
Chinese stocks plunge on profit booking, benchmark down 6.62% As on : 09-Oct-24  16:47

Asian stocks ended mixed on Wednesday as China's stimulus rally fizzled out, the conflict in the Middle East persisted and investors awaited Federal Reserve meeting minutes as well as U.S. inflation data for interest rate clues.

The dollar held steady after a notably rally and gold drifted lower while oil recovered some ground, after having fallen more than 4 percent on Tuesday following reports of a possible Hezbollah-Israel ceasefire.

Chinese stocks plunged as investors booked profits after recent rallies. The benchmark Shanghai Composite index slumped 6.62 percent to 3,258.86 after officials failed to boost confidence in stimulus plans aimed at reviving the economy.

Hong Kong's Hang Seng index fluctuated before finishing 1.38 percent lower at 20,637.24 after reports emerged that China's finance ministry will hold a briefing on fiscal policy on Saturday.

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