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Chinese shares slip over Fed dovish stance at next meet

Chinese shares edged lower on Tuesday as investors took profits after major stock indexes closed near 6-1/2 month highs in the previous session, but the downside was limited by the expectation that the U.S.
Image Credit: Pixabay investors took profits after major stock indexes closed near 6-1/2 month highs in the previous session, but the downside was limited by the expectation that the U.S. Federal Reserve would take a dovish stance at its meeting this week.At the midday break, the Shanghai Composite index was down 0.22 per cent at 3,089.50. China’s blue-chip CSI300 index was down 0.37 per cent. Both indexes closed near 6-1/2 month highs on Monday.
Hong Kong fell 0.46 per cent to 11,620.81, while the Hang Seng Index was down 0.25 per cent at 29,334.61. The smaller Shenzhen index was unchanged for the day and the start-up board ChiNext Composite index was higher by 0.12 per cent. Investors are looking to the Fed policy meeting to see whether policymakers have sufficiently lowered their interest rate forecasts to more closely align their “dot plot”, a diagram showing individual policymakers’ rate views for the next three years.
In contrast to broader market declines, nuclear power-related stocks surged after environmental impact assessments (EIA) for two nuclear power plant projects were submitted for approval to regulators on Monday, a vital stage in the resumption of China’s atomic energy programme after a three-year halt in new approvals. State-owned China National Nuclear Power jumped as much as 10 per cent to its highest since April 2018, before trimming gains.
It was last up 2.29 percent.Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.05 per cent, while Japan’s Nikkei index was down 0.16 per cent. The yuan was quoted at 6.7162 per U.S.dollar, 0.04 per cent weaker than the previous close of 6.7135. The largest percentage gainers on the main Shanghai Composite index were Lanzhou LS Heavy Equipment Co Ltd, up 10.09 per cent, followed by Hunan Chen Dian International Development Co Ltd, gaining 10.04 per cent, and Beijing Teamsun Technology Co Ltd, up by 10.04 per cent.CGN Power Co LtdChina Gas Holdings Ltd, which has fallen 4.44 per cent, Guangzhou Automobile Group Co Ltd, which has lost 2.8 per cent, and Shenzhou International Group Holdings Ltd, down by 2.6 per cent.In Hong Konggainer on the Hang Seng was Sino Biopharmaceutical Ltd, up 5.27 per cent, while the biggest loser was Shenzhou International Group Holdings Ltd, which was down 2.65 per cent.

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Saudi index slips on profit-taking

Saudi Arabia’s stock market fell on Monday with most sectors turning red, led by the banks as investors focused on profit-taking after the market by far outperformed its major Gulf peers.
Financial stocks also pulled Abu Dhabi down.Saudi Arabia’s index was down 0.3 percent with its biggest lender, National Commercial Bank, decreasing 1.3 percent and Al Jazira Bank shedding 1.7 percent. Saudi index has got off to a strong start this year, taking many by surprise, with a 10 percent gain year-to-date after returning 8.3 percent in 2018.The rally has been led mainly by foreigners buying close to 4.4 billion riyals ($1.2 billion) through a qualified foreign investors’ scheme and swaps last month in anticipation of inflows after Saudi Arabia is included in the FTSE and MSCI emerging market indexes later this year.Saudi exchange weekly data shows foreign investors have been net buyers in all weeks this year and have bought 838.1 million riyals ($223.48 million) of stocks on a net basis the last week.
The Abu Dhabi index fell 0.6 percent after three straight sessions of gains as eight of its 10 financial stocks declined with First Abu Dhabi Bank, the United Arab Emirates’ biggest lender, shedding 0.9 percent.Gulf Medical Projects plunged 9.6 percent. The firm had last week reported a much lower profit for 2018.
The emirate’s biggest listed developer Emaar Properties and its unit Emaar Development gained 0.5 percent and 1.8 percent respectively. The stocks have risen in recent sessions after posting robust fourth-quarter earnings, boosting the index along.Property firms, which were partly behind the index’s poor performance last year, showed some sign of recovery reflected in the fourth-quarter results and increased construction contracts.Construction contracts were up 4 percent year-over-year last month, and rose four times the lows seen in the preceding four months, SICO Research said in a note.
The real estate gains were offset by financial stocks, however, with Mashreq Bank slumping 10 percent in a very thin trade, while Shuaa Capital plunged 7.9 percent.
Shuaa had last week reported a fourth-quarter loss compared with a profit a year earlier.In Qatar, Qatar Fuel rose 2.5 percent. Drilling rig provider Gulf International Services, which slumped in the last two sessions after it had turned to a full-year loss, recouped some losses to rise 1.1 percent.The Index was hit by a technical glitch which impacted displaying the index value.The stock exchange later said that it was working to fix the issue, but added that the stock prices are correct.Egypt’s blue-chip index was up 0.2 percent with developer Madinet Nasr For Housing And Development gaining 1 percent after it reported 19 percent rise it its full-year profit.No content from Business Recorder.Business Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here.

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