** China's blue-chip CSI 300 Index closed down
0.3%, while the Shanghai Composite Index slipped 0.1%.
** The Hang Seng Index and the Hang Seng China
Enterprises Index both edged up 0.1%.
** Other Asian stocks inched lower, while the dollar clung
to overnight gains in cautious trade as U.S. Federal Reserve
officials reiterated their commitment to reining in inflation,
despite signs of mounting economic headwinds.
** Investor sentiment in China has been subdued after the
world's second-largest economy reported first-quarter economic
data on Tuesday. The gross domestic product figure beat market
expectations but some data pointed towards uneven recovery
trends.
** China kept its benchmark lending rates unchanged on
Thursday for an eighth straight month, as economic recovery
reduced the need for any immediate monetary support, bolstering
views that the central bank was unlikely to ease policy rates in
the near term to boost the economy.
** Even amid muted market sentiment, investors continue to
bet on Artificial Intelligence (AI) stocks. Frenzy around
Chinese equivalents of OpenAI's ChatGPT chatbot boosted shares
of companies in the tech, media and telecom (TMT) sector.
** Shares of AI , semiconductor ,
and media companies jumped between 3% and 5.3% on
Thursday.
** Analysts say surging AI stocks have drained money from
other sectors such as the new energy and consumer companies,
putting pressure on the market.
** New energy companies fell 2.8% on the day,
and tourism firms dropped 2%.
** In Hong Kong, tech giants slipped 0.1%, and
mainland property developers declined 1.6%.
(Reporting by Shanghai Newsroom; Editing by Sonia Cheema and
Clarence Fernandez)
(Updates to market close)
SHANGHAI, April 20 (Reuters) - Chinese stocks fell on
Thursday, although information technology shares shot up, as
uneven economic recovery after this year's re-opening from
stringent COVID curbs muted market sentiment.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.