Indexes finish lower as tariff tussle continues

Yuan Luhang
Trump announces meeting with Chinese president next month to raise hopes of an end to trade friction
Yuan Luhang

China's main equity indexes finished lower on Tuesday as the tariff tussle between Washington and Beijing escalated. 

The benchmark Shanghai Composite Index lost 0.69 percent to end at 2,883.61 points. The Shenzhen Component Index shed 0.71 percent to close at 9,038.36 points, while the blue-chip CSI300 index lost 0.64 percent to end at 3,645.15 points.

Turnover on the two major bourses was 455.5 billion yuan (US$66.21billion) compared to the 466.2 billion yuan volume in the previous trading session.

The 5G sector was among the largest percentage gainers. Shares in Allwin Telecommunication Co Ltd and Wutong Group surged by the daily cap.The block chain sector also led the gains. Shares in Homa hit the daily limit. The nonferrous metals sector also performed strongly. 

Shares in the agriculture, forestry, animal husbandry and fishery industries continued on an upward trend.

Both the Shanghai Composite and the blue-chip CSI300 opened down 1 percent, but losses were contained at the close.

After China announced higher tariffs on US$60 billion of goods on Monday, US President Donald Trump said he was holding fire on taxing the remaining US$325 billion of Chinese goods, and said he was going to meet Chinese President Xi Jinping in June, reigniting hopes of an end to the trade friction. 

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