China shares fall despite gains by auto parts firms
China's equity markets tumbled today despite car parts companies roaring ahead on news that the country will cut auto import tariffs from July 1.
The Shanghai Composite Index shed 1.41 percent to close at 3,168.96 to notch its largest single-day fall in around a month, according to Reuters.
The Shenzhen Component Index fell 1.25 percent to 10,631.12 points, while the Nasdaq-style ChiNext enterprise board tumbled 1.6 percent to close at 1,845.97.
Shares of auto parts companies rose as they rode on the announcement by the Ministry of Finance that China will reduce import tariffs on cars and auto parts from July 1.
Guangdong Dcenti Auto-Parts Stock Ltd Company surged by the maximum daily cap of 10 percent to close at 13.61 yuan (US$2.13).
Shares of Zhejiang Yueling Co Ltd, a company that develops, produces and sells aluminum alloy wheel design, closed at 9.86 yuan higher.