BEIJING: China stocks slipped from more than 5-year highs on Tuesday as financial shares dropped in mainland markets and Hong Kong.
The CSI300 index fell 1.2 percent, to 3,598.76 points at the end of the morning session, while the Shanghai Composite Index lost 1.0 percent, to 3,315.70 points.
Both indices hit their highest points since late 2009 on Monday and flirted with further gains early in the morning session before falling back.
The CSI300 financial sub-index, whose constituents have led the recent stock rally, fell 3 percent.
Previous drops in the sub-index have failed to stop the overall upward trajectory in financial shares as the prospect of further monetary easing drives positive sentiment.
China CSI300 stock index futures for January fell 2.7 percent, to 3,619.2, 20.44 points above the current value of the underlying index.
Negative sentiment dragged down Hong Kong shares as both mainland and U.S. markets posted losses.
The Hang Seng index dropped 1.5 percent, to 23,373.56 points, while the Hong Kong China Enterprises Index lost 1.8 percent, to 11,983.60.
The S&P 500 had its worst day in almost three months on Monday, with energy shares leading the decline as global economic concerns were compounded by swooning oil prices.
The index measuring price differences between dual-listed companies in Shanghai and Hong Kong stood at 130.61.
A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong, and vice versa.
Total volume of A shares traded in Shanghai was 33.12 billion shares, while Shenzhen volume was 12.56 billion shares.
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