SHANGHAI: Some Chinese business sectors reported solid first half earnings, though a substantial fall in industrial profits and in tepid overseas investment inflows into China's stock markets show fallout from the protracted trade war with the United States.
Global index provider MSCI is quadrupling the weighting of Chinese mainland shares in its global benchmarks this year, while FTSE Russell began adding China A-shares to its main emerging markets index in June. Shares in machinery, electronics and home appliances firms, seen as vulnerable to trade tensions given their reliance on overseas markets, have been under selling pressure.BOE Technology is an example. The OLED display panel maker, which saw first-half profits plunge 44per cent, said it faced extremely severe challenges due to trade frictions and an industry downturn.
Major airlines posted losses in the first half, as a softer yuan ate into their profits, given their large amounts of dollar-denominated debt.
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Source: BusinessTimes - 🏆 15. / 51 Read more »