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China: Shares end lower as oil price drop rattles confidence
[SHANGHAI] China stocks tracked regional markets lower on Monday, as a tumble in crude oil prices hit investor confidence.
Concerns that the market's seven-week rebound may not be sustainable, as China's economic recovery remains fragile, also dampened sentiment.
The blue-chip CSI300 index fell 1.3 per cent, to 3,228.45, while the Shanghai Composite Index lost 1.4 per cent, to 3,033.66 points. "Fundamentals can improve in the near term before peaking. But the rally is now stretched, and risks are escalating," wrote Hong Hao, chief strategist at BOCOM International. "The crowd's hope for a growth revival will be dashed - once again, like its many false starts in the past few years," he said.
All main sectors fell on Monday, with an index tracking energy shares declining 1 per cent.