BREAKING: China Stocks Retreat from Five-Year High
SHANGHAI, Nov 24 (Reuters) - China stocks ended lower on Tuesday, as investors locked in profit following a recent rally, while the market showed scant reaction to news that U.S. President-elect Joe Biden was given the go-ahead to begin his White House transition.
Analysts said a Biden presidency, which could mean more negotiation room for Washington and Beijing, would not make a big difference for China’s equities market, as they expected little change in U.S. policy towards China.
The blue-chip CSI300 index closed 0.6% lower at 4,974.29, while the Shanghai Composite Index declined 0.3% to 3,402.82.
The index retreated from its highest level in more than five years hit on Monday.
The CSI300 real estate index and the CSI300 consumer discretionary index fell 0.8% and 1.6%, respectively.
Jinke Property Group Co Limited (Ltd), Mango Excellent Media Co Ltd and Midea Group Co Ltd dropped between 2% and 5.7%.
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