** China's blue-chip CSI300 Index dropped 0.5% at
close, while the Shanghai Composite Index lost 0.3%.
** Meanwhile, Hong Kong's benchmark Hang Seng Index was down 1.7%, while the China Enterprises Index slumped
2%.
** Investor sentiment remained weak after data last Tuesday
showed economic recovery after reopening from COVID restrictions
was uneven despite a strong Q1 growth, sending mainland share
benchmarks down for five consecutive sessions.
** Foreign investors net sold nearly 5 billion yuan ($722.9
million) of Chinese shares via the Stock Connect for a third
straight day on Tuesday.
** The market was also concerned about U.S. restrictions on
technology investments, analysts said.
** "The geopolitical overhang has weighed on offshore China,
i.e. Hong Kong and U.S.-listed China stocks as the last two days
saw geopolitical concerns spilling over into onshore China,"
wrote Brendan Ahern, chief investment officer at KraneShares in
a note.
** "The recent pullback in onshore China should get
attention from policymakers," he said.
** That worry dragged Hong Kong-listed tech giants down 3.5%, with Meituan tumbling 4.4%.
** In mainland markets, new energy shares and
communications equipment stocks both slumped
roughly 3.5%, while media companies added 2.6%.
** Market participants also cautiously awaited the April
Politburo meeting this week, when a top decision-making body of
the Communist Party discusses the economy.
** "The April Politburo meeting is the next key event to
watch. Better-than-expected Q1 GDP took some pressure off
policymakers to conduct broad-based easing, but the divergences
underlying the economy call for targeted support," Goldman Sachs
said in a note.
** "We expect the broad monetary and fiscal stance to be
unchanged, some industry-level policies (e.g., property and
internet) to loosen further."
** Separately, China nudged banks this month to cut deposit
interest rates further, sources told Reuters, in an effort to
boost spending and more productive investments.
($1 = 6.9166 Chinese yuan)
(Reporting by Shanghai Newsroom; Editing by Varun H K)
(Updates to market close)
SHANGHAI, April 25 (Reuters) - China stocks closed down
for a fifth straight session to around a one-month low on
Tuesday, after data highlighted an uneven economic recovery,
while investors worried about lingering geopolitical risks.
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