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Asian equities : China stocks slide on economic growth concern

Asian equities : China stocks slide on economic growth concern

HONG KONG — Chinese stocks fell Friday as investors apparently liquidated their holdings to secure gains ahead of the one-week holiday starting from Oct. 1, National Day. 

     The benchmark Shanghai Composite Index fell 1.6% to 3,092.34, bellowing the psychologically important 3,100 level for the first time in a week. The Shenzhen Composite Index, which plunged 4.1% at one point during the afternoon session, ended 3.4% lower at 1,697.11. The two small cap indexes in Shenzhen — the ChiNext index for startups and the small and midsize enterprise index — slipped 4.1% and 3.3%, respectively.

     China’s State Council on Thursday released additional plans to reform state-owned enterprises, including allowing some scope for investors to participate in the reform. President Xi Jinping also said the government will continue to strengthen business ties with Washington during his visit to the U.S.

     Though market players saw the moves as the signal that economic reforms are set to pick up, investor sentiment remains fragile amid economic uncertainty. The preliminary Caixin China Manufacturing Purchasing Managers’ Index dropped to a six-and-a-half-year low for September, it was announced this week.

     Hong Kong’s benchmark Hang Seng Index rose 0.4% to 21,186.32. The Hang Seng China Enterprise Index, consisting of mainland Chinese H shares listed in Hong Kong, increased 0.4% to 9,512.26.

     In the Hong Kong market, property-related companies were among major gainers. Cheung Kong Property Holdings, Sun Hung Kai Properties, Hang Lung Properties and Swire Pacific were all up Friday.

     Elsewhere in Asia, results were mixed. Japan’s Nikkei Stock Average rose 1.8% to 17,880.51. South Korea’s benchmark Kospi Index slipped 0.2% to 1,942.85, while Taiwan’s weighted index was up 0.1% at 8,132.35.

     The benchmark indexes in Singapore, Indonesia and the Philippines were down Friday afternoon. Stock markets in Malaysia, Thailand and India were flat.

Asian equities : China stocks slide on economic growth concern

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