** China's blue-chip CSI300 Index and the Shanghai
Composite Index both closed down 0.4%.
** Hong Kong's benchmark Hang Seng Index was down
1.8%, and the China Enterprises Index lost 2.2%.
** Profits at industrial firms in China declined 22.9% in
the first two months of 2023 from the year before, as the
factory sector struggles to claw its way out of the slump caused
by COVID-related disruptions.
** A senior Communist Party official said on Saturday the
foundation of China's economic recovery was not solid enough,
warning of possible spillover effects from global economic
problems.
** Geopolitical tensions also weighed. Russian President
Vladimir Putin said on Saturday the country would station
tactical nuclear weapons in Belarus.
** Shares of Chinese state-owned enterprises dropped, giving
up some of this month's gains. Shares of China Petroleum &
Chemical Corp lost 3.1% after the company recorded a
6.9% decline in 2022 net income. Meanwhile, PetroChina Co Ltd slid 1.1%.
** Telecommunication stocks also dropped, with China United
Network Communications Ltd , China Mobile Ltd , and China Telecom Corp Ltd , down 1.8%,
3.2%, and 4.2%, respectively.
** Tech stocks traded in Hong Kong slumped 2.8%,
led by Meituan . Shares of Meituan tumbled 6.3%,
following its fourth-quarter earnings release. Tencent and Xiaomi lost 3.7% and 3.5%, respectively.
(Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)
