China's stocks declined due to concerns over Europe's increased tariffs on Chinese electric vehicles, intensifying economic anxieties. However, Hong Kong's shares rose following record highs in U.S. and global markets. The European Commission's announcement of additional tariffs, reaching up to 38.1%, on Chinese electric cars from July triggered apprehension. While leading Chinese electric car manufacturers like BYD, Li Auto, and Geely Auto experienced rebounds, the punitive measures highlighted escalating trade tensions between China and the West, casting uncertainty over Chinese exports.
At the close, the Shanghai Composite index was down 0.28% at 3,028.92.
The blue-chip CSI300 index was down 0.51%, with its financial sector sub-index lower by 0.41%, the consumer staples sector down 1.53%, the real estate index down 2.06% and the healthcare sub-index down 1.09%.
The smaller Shenzhen index ended down 0.62% and the start-up board ChiNext Composite index was weaker by 0.091%.
In Hong Kong, the Hang Seng index was up 174.79 points or 0.97% at 18,112.63. The Hang Seng China Enterprises index rose 0.98% to 6,421.81.
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