0146 GMT - Chinese shares open lower, weighed by real estate and energy stocks. OCBC believes that following the anticipated first Fed rate cut in September, there may be room for China to lower the reserve requirement ratio to support growth. However, the timing of an interest rate cut could be postponed depending on growth developments, OCBC analyst Tommy Xie says in a note. China Vanke falls 1.85% and Poly Developments & Holdings Group is 2.2% lower. Among the energy stocks, PetroChina declines 2.2% and Cnooc puts off 3.0%. The benchmark Shanghai Composite Index is 0.6% lower at 2749.22. the Shenzhen Composite Index is off by 0.2%, and the ChiNext Price Index edges 0.15% higher. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
September 08, 2024 21:46 ET (01:46 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.