Chinese stocks closed lower on Thursday, reversing earlier intraday gains, as investors digested signals from the Federal Reserve on the direction of monetary policy that failed to provide support.
Meanwhile, much of the domestic market’s attention has turned to the Central Economic Work Conference for possible guidance on next year’s agenda.
“We keep our expectations realistic and forecast a growth target of around 5% and additional fiscal funds of 1 trillion yuan,” Citi analysts said in a note.
At the close, the Shanghai index fell 0.7%, while the CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, fell 0.86%. Both indexes recorded their third consecutive day of losses.
Hong Kong’s Hang Seng Index lost 0.04%.
The divided Fed cut U.S. interest rates on Wednesday but signaled that borrowing costs were unlikely to fall further immediately, awaiting clarity on the direction of a labor market that is showing signs of slowing, inflation that “remains somewhat elevated” and an economy expected to strengthen next year.
. In TOKYO, the Nikkei index fell 0.9% to 50,148 points.
. In HONG KONG, the HANG SENG index fell by 0.04% to 25,530 points.
. IN SHANGHAI, the SSEC index lost 0.70%, to 3,873 points.
. The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, fell 0.86% to 4,552 points.
. IN SEOUL, the KOSPI index fell by 0.59%, to 4,110 points.
. IN TAIWAN, the TAIEX index recorded a drop of 1.32%, to 28,024 points.
. IN SINGAPORE, the STRAITS TIMES index increased by 0.28%, to 4,524 points.
. IN SYDNEY, the S&P/ASX 200 index advanced 0.15%, to 8,592 points.
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