June 11, 2020 / 7:27 AM / 24 days ago

China stocks end lower on profit-taking, economic woes

SHANGHAI, June 11 (Reuters) - China stocks erased early gains and ended lower on Thursday, reflecting lingering concerns over the economy as some investors took profit after a strong rebound recently.

** The blue-chip CSI300 index fell 1.1%, to close at 3,995.88, while the Shanghai Composite Index lost 0.8% to 2,920.90.

** Shenzhen’s start-up board ChiNext rose over 1% to hit a three-month high the morning session, but reversed course in afternoon trade on profit-taking. The gauge ended the day down 0.3%.

** Investors are closely monitoring economic data to gauge health of the economy. New bank lending in China fell more than expected in May but broader credit growth quickened as the central bank continues to ease policy to get the economy back on solid footing after the coronavirus crisis.

** Mainland sentiment was negatively impacted by weakness in the Hong Kong market, where the main index fell roughly 2%.

** Asian markets broadly fell, after the U.S. Federal Reserve predicted the U.S. economy would shrink 6.5% in 2020 and unemployment would still be at 9.3% at the year’s end.

** Shares fell across the board in China. Energy, financials and consumer sectors were among the worst performers. (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)

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