July 22, 2024 at 03:43 am EDT
(MT Newswires) -- Chinese shares closed with losses at the start of the trading week as the central bank made a surprising move to cut its benchmark lending rates.
The Shanghai Composite Index slipped 0.6%, or 18.09 points, to cap Monday's trade at 2,964.22. The Shenzhen Component Index fell 0.4%, or 33.42 points, to 8,869.82.
The People's Bank of China lowered the one-year loan prime rate to 3.35% from 3.45% and the five-year loan prime rate to 3.85% from 3.95% in an effort to bolster the economy.
The new interest rates deterred forecast from Reuters-polled analysts that they will remain unchanged.
The unexpected rate change came after a slowdown in China's gross domestic product in the second quarter and a slew of weak economic data in the previous week. Investors were also not impressed with the government's failure to announce stronger stimulus measures after the ruling Communist Party's third plenum.
In corporate news, Nanjing Yueboo Power System (SHE:300742) dropped more than 5% at the close after the Shenzhen Stock Exchange decided to delist the Chinese manufacturer of powertrain systems. The delisting decision was due to the company not disclosing its 2023 annual report within the statutory period.

Sumber : MT Newswires