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Property, energy stocks pull China shares lower; digital currency firms drop on new ban | AturartA

 

BEIJING/SHANGHAI, May 19 (Reuters) – China shares ended lower on Wednesday after three straight sessions of gains, dragged down by property and energy firms, while digital currency-related stocks fell after Beijing banned financial and payment companies from the cryptocurrency business. ** At the close, the Shanghai Composite index was down 0.51% at 3,510.96, while the blue-chip CSI300 index was down 0.3%. ** The energy sector sub-index fell 1.61%, and the real estate index dropped 1.65%. ** The smaller Shenzhen index ended up 0.12% and the start-up board ChiNext Composite index was higher by 0.796%. ** Investors are betting on the increasing momentum of A shares and searching for opportunities in consumer blue-chips and new energy vehicles firms, said Yang Delong, an investment manager at First Seafront Fund Management Co. ** Trading in the mainland market is volatile, Yang said, citing relative low valuations for A-shares and Hong Kong stocks amid surging global equities. ** China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading. ** Hong Kong markets were closed for a holiday. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.38%, while Japan’s Nikkei index closed down 1.28%.

SOURCE : https://www.reuters.com/article/china-stocks-close/property-energy-stocks-pull-china-shares-lower-digital-currency-firms-drop-on-new-ban-idUSAZN016NJ5