Chinese stock rally hits speed bump as investors await fresh cues

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SHANGHAI/SINGAPORE: Chinese stocks tumbled on Wednesday alongside their Hong Kong peers, as investors booked profits after a blistering rally and as officials failed to inspire confidence in stimulus plans intended to revive the economy.

Tourism shares were among the top losers on Wednesday, as data showed that spending during the Golden Week holiday was yet to recover to pre-COVID levels.

"I would say the NDRC's recent announcements were a bit disappointing, mainly because there wasn't much in the way of new stimulus or clear forward guidance," said Nori Chiou, investment director at White Oak Capital.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaChinaHong KongSingapore

Topics: Markets Rally Hang Seng /Business/Business News NDRC Stock Stimulus SCI

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-09 @ 12:55:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 438 words

Reading Time: 3 minutes read

Sentences: 18 lines

Sentence Length: 25 words per sentence (average)

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Copyright Owner: © The Star

News ID: 22963778

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