Chinese equities closed in the red despite stimulus measures

SHANGHAI, July 24 (Reuters) – Shares in Shanghai and Hong Kong closed lower on Monday despite announcements of measures to boost private investment pending strategic signals from a Politburo meeting.

The Shanghai Composite index fell 0.11% to 3,164.16 points, while the CSI300 blue chip index fell 0.44% to 3,805.22 points.

The Hong Kong Hang Seng index fell 2.13% to 18,668.15 points, while the China Enterprises index fell 2.24% to 6,271.03 points.

The National Development and Reform Committee of the People’s Republic of China on Monday unveiled measures to stimulate and spur private investment in certain infrastructure sectors and added that it would increase financial support for private projects.

However, the market did not react to this announcement.

Stocks of consumer staples lost momentum from last week and fell 1.1%.

Mainland Hong Kong-listed developers fell more than 6.4%, posting their biggest one-day drop in seven months.

Stocks of tech companies listed on the Hong Kong Stock Exchange also fell. Alibaba lost 1.9% after the company said Sunday it had decided not to participate in a proposed buyout by its affiliate Ant Group but would retain its stake in the company.

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(Reuters Shanghai)