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China shares close down as stimulus hopes fade
April 28, 2014 / 7:11 AM / 4 years ago

China shares close down as stimulus hopes fade

BEIJING, April 28 (Reuters) - China shares closed down for their fourth straight day on Monday, losing more than one percent after comments from President Xi Jinping cast doubt on hopes for further stimulus.

The Shanghai Composite Index ended down 1.6 percent at 2,003.5 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings dropped 1.5 percent.

Investor sentiment took a hit when state media reported that President Xi said current fiscal and monetary policies would basically remain unchanged at a politburo meeting on Friday.

The comments suggest no significant amount of government money will be set aside to stimulate the economy in the current months.

China’s blue chip state-owned banks managed a moderate improvement on overall index performance, after another of the country’s top four institutions posted better-than-expected first quarter results.

China Construction Bank Corp gained 0.3 after the country’s second-biggest listed lender posted a 10.4 percent rise in first-quarter net profit on Sunday thanks to higher interest and fee income.

Agricultural Bank of China was up 0.4 percent and Industrial and Commercial Bank of China Ltd was up 0.3 percent. (Reporting By Natalie Thomas)

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