Chinese shares close lower after last week's gains

Shanghai Composite down 0.67% at 3,044 points (Il Sole 24 Ore Radiocor) - Shanghai , 22 Apr - Chinese shares closed lower, extending Friday's losses and bucking the trend amid strong Asian markets.

In mainland stock market dealings consumer shares led the losses and financials and healthcare stocks also slipped.

Shanghai's tech-focused STAR50 index bucked the trend and closed marginally higher.

Mainland stocks slid after outperforming their regional peers last week on persistent optimism over more stimulus measures to support the country's economy, following figures pointing to a patchy economic recovery.

The Shanghai Composite index closed down 0.67% at 3,044 points, while the Shenzhen CSI 300 closed down 0.30% at 3,530 points.

The indexes rose between 1.4% and 2% last week, outperforming their broader Asian peers.

On the policy front, today the People's Bank of China said that the one-year loan prime rate (LPR) was left unchanged at 3.45% and the five-year LPR was kept steady at 3.95%. The LPRs are calculated monthly based on the interest rates that 18 designated commercial banks charge their best clients.

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(RADIOCOR) 22-04-24 11:00:54 (0247) 5 NNNN