Shanghai shares lose 0.59% on Friday

Chinese stocks fell on Friday, along with other Asian markets dragged down by metal producers.
Xinhua

China stocks fell on Friday, along with other Asian markets following weak performance of metal producers.

The fall came after President Donald Trump announced the United States will impose hefty tariffs on steel and aluminium imports.

The benchmark Shanghai Composite Index lost 0.59 percent to 3,254.53 points.

Asian stock indexes retreated amid fears that the decision to impose tariffs of 25 percent on imports of steel and 10 percent on aluminium will hurt manufacturers across the world.

Major steel maker Baoshan Iron & Steel fell 3.90 percent, while Aluminium Corp of China was down 2.02 percent.

Financial shares were also under pressure. China Merchants Bank was down 1.22 percent and China Life Insurance lost 1.14 percent.

Smart manufacturing segment and industrial software service providers were among the gainers as new government supportive measures are expected to lift business performance. 

Yonyou Network Technology Co advanced 3.25 percent and Cig Shanghai Co jumped 4.76 percent.

Guodu Securities estimated higher volatility in the equity market and bigger fluctuations in the stock prices in the near future due to higher inflation and a tighter monetary environment, it said in a research note on Friday. 


 

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