SHANGHAI : Chinese stocks on Monday saw the worst day in a month, as recent monetary-easing measures failed to offset investor worries about protests against strict COVID-19 curbs in the world's second-largest economy, while the yuan weakened versus the dollar.
China's blue-chip CSI 300 Index closed down 1.1 per cent, after slumping as much as 2.7 per cent earlier in the day, logging the biggest daily decline since Oct. 28. Hong Kong's Hang Seng Index lost 1.6 per cent. "The market does not like uncertainties that are difficult to price and the China protests clearly fall into this category. It means investors will become more risk-averse," said Gary Ng, economist at Natixis.
Meanwhile, daily new COVID cases in China reached a record high, with more than 40,000 new infections reported for Sunday, prompting widespread lockdowns and other curbs on movement and business across the country. Shares in Chinese surveillance equipment maker Dahua Technology Co, video surveillance firm Hangzhou Hikvision Digital Technology Co Ltd and telecoms firm Hytera Communications Corp Ltd dropped, following a sales ban by the Biden Administration.Bucking the trend, consumer and tourism-related companies rose, as some investors bet recent COVID flare-ups and social unrest might push China to end its zero-COVID policy earlier.
Casino stocks jumped 7.6 per cent as Macau government said its six incumbent casino operators would be given new licences to operate in the world's biggest gambling hub from January. Wynn Macau soared more than 15 per cent to lead the rally.