Stocks fall on US trade tensions

Shanghai shares fell yesterday, led by telecommunications and non-ferrous metal stocks amid weak market sentiment on concerns about trade tensions between China and the United States.

The Shanghai Composite Index lost 0.74 percent to close at 2,882.23 points after Wednesday's close of 2,903.65.

Investor appetite was weak amid lingering worries over rising China-US trade tensions. On July 20, US President Donald Trump said he was ready to impose tariffs on US$500 billion of imported goods from China.

China's Ministry of Commerce said yesterday the US was hurting the global economic environment and the interests of business and consumers.

“China will firmly safeguard the interests of the nation and its people," said ministry spokesman Gao Feng.

"At the same time, we will enhance our economic cooperation with countries around the world to protect global free trade and the multilateral mechanism in order to promote the healthy and stable development of the global economy."

Telecommunications firms, non-ferrous metal providers and computer companies were among the biggest losers on the Shanghai bourse yesterday.

Fuda Alloy Materials Co Ltd dropped  7.51 percent to 53.84 yuan (US$ 7.94) and Fiberhome Telecommunication Technologies Co Ltd shed 3.93 percent to 28.57 yuan.