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Zhang Shidong

Chinese stocks traded at a seven-month low after a hint at more monetary easing from the nation’s central bank intensified concerns about the growth outlook.
Hong Kong’s market did not trade Friday because of a typhoon.
The Shanghai Composite Index dropped 0.8 per cent to 2,765.81 at the close, its lowest level since February 5. The benchmark fell 2.7 per cent this week, making for a third weekly loss. The CSI 300 Index also lost 0.8 per cent, while the Shenzhen Composite Index slid 1.6 per cent.
Trading in Hong Kong’s financial markets was cancelled for the day after the city issued its first No. 8 storm warning this year due to Typhoon Yagi, according to Hong Kong Exchanges and Clearing. The storm halted activity in the city, with cancelled fights and scaled-back services for commuters.
The Hang Seng Index capped the shortened trading week with a 3 per cent decline, triggered by worries about China’s weak economic situation and a slew of disappointing earnings results.
On the China economic front, a cut in banks’ reserve-requirement ratio remained an option given that the ratio was at about 7 per cent for commercial lenders, said Zou Lan, head of the monetary policy department at the People’s Bank of China, at a briefing in Beijing on Thursday.
He also said constraints on more reductions of deposits and lending rates remained in place due to banks’ narrowing profit margins and money flowing into asset-management products.
Zou’s comment highlighted the risk of a more intense slowdown in China’s growth that would require more support from monetary and fiscal policies. The yield on the 10-year government bond approached a record low this week in a sign that haven trading has been gaining traction due to worries about growth. Official data due Monday may show that factory-gate prices fell for a 23rd consecutive month in August, and that consumer inflation remained subdued.
“Investors need to remain cautious, as the market is still in the progress of seeking the bottom,” said Xu Guangfu, an analyst at Shengang Securities.
On the CSI 300 Index, nine out of the 10 industry groups finished the day lower; healthcare, technology and energy stocks were the poorest performers. Among them, Shaanxi Coal Industry slumped 5.3 per cent to 22.80 yuan, vaccine maker Chongqing Zhifei Biological Products sank 3.5 per cent to 21.33 yuan, and Apple supplier Luxshare Precision Industry lost 3.6 per cent to 35.90 yuan.
On the positive side, brokerages jumped after China plans to merge Guotai Junan Securities and Haitong Securities to create the nation’s biggest broker by assets. The two companies have been suspended from trading until details of the transaction are released.
Sealand Securities jumped by the 10 per cent daily allowable limit to 3.19 yuan and China Galaxy Securities rallied 4.9 per cent to 11.50 yuan. China International Capital Corp added 2.2 per cent to 28.50 yuan.
Other major Asian markets were cautious before the release of a US non-farm payrolls report later Friday. Japan’s Nikkei 225 slipped 0.7 per cent, while South Korea’s Kospi retreated 1.2 per cent and Australia’s S&P/ASX 200 added 0.4 per cent.


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Chinese stocks fall as central bank hints at policy easing stoked growth jitters; Hong Kong markets closed due to Typhoon Yagi.


Chinese stocks dropped after the nation’s central bank hinted at easing monetary policy, underscoring worries about growth. Also, expectations built for more consolidation in the brokerage industry
