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China stocks end lower as Apple warning raises economic impact fears

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SHANGHAI/SINGAPORE: China's blue-chip stocks ended lower on Tuesday as Apple warned that it was unlikely to meet its March quarter sales forecast as the Covid-19 coronavirus slowed production and weakened demand in China.

The blue-chip CSI300 index closed 0.5% lower, with its financial sector sub-index shedding 1%. The Shanghai Composite index was flat at 2,984.97.

The impact of the coronavirus outbreak on China's various industries will mainly show up in February, a vice chairman of the country's state assets regulator said, as containment measures disrupt production and supply chains. The tech-heavy start-up board index ChiNextP extended its climb to end 1.1% higher, a more than three-year high. Investors expect China's continued stimulus to benefit those firms more.

 

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