Business Standard

Tuesday, January 07, 2025 | 02:48 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

Property sector woes pull Chinese stock markets to two month low

Image

Chinese shares slipped on broad economic concerns after the country's central bank PBOC kept the country's benchmark lending rates steady. The benchmark Shanghai Composite Index closed down 0.4% at 3005.44, testing two month low. Real estate shares slipped after home prices declined at a faster pace in May in major cities despite recent stimulus measures.

China left benchmark lending rates unchanged at a monthly fixing on Thursday. The one-year loan prime rate (LPR) was kept at 3.45%, while the five-year LPR was unchanged at 3.95%. The five-year LPR was lowered by a decent 25-basis-point in February to support the housing market.

 

China's new home prices fell at the fastest pace in more than 9-1/2 years in May, official data showed on Monday.

Asian markets were choppy amid lack of cues from overnight trades. US equities were shut for a public holiday yesterday.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 20 2024 | 3:45 PM IST

Explore News