AFPSHANGHAI: China stocks closed lower on Friday as new energy and machinery shares tumbled, while a local outbreak of COVID-19 weighed on some business operations and investor sentiment.
The blue-chip CSI300 index fell 0.6% to 4,921.34, while the Shanghai Composite Index lost 0.7% to 3,618.05 points.
For the week, the CSI300 index lost 0.7%, while the Shanghai Composite Index slipped 0.4%.
An index tracking Shenzhen's start-up board ChiNext dropped 2.3%.
Rising COVID-19 infections in China's city of Xian have spurred a lockdown of its 13 million residents, and several companies have said their operations have been affected.
New energy vehicle giant BYD dropped 3.6%, after the South China Morning Post reported that the company had to cut production at its plant in Xian.
The new energy subindex tumbled 4.1%, with new energy vehicles and the photovoltaic industry down 4.4% and 3.8%, respectively. Chinese battery giant CATL plunged 7.3%.
New energy shares have surged this year amid China's green push, and some investors are taking profits, analysts said.
Non-ferrous metals and machinery stocks dropped 3.6% each, while resource shares lost 2.4%.
The blue-chip CSI300 index fell 0.6% to 4,921.34, while the Shanghai Composite Index lost 0.7% to 3,618.05 points.
For the week, the CSI300 index lost 0.7%, while the Shanghai Composite Index slipped 0.4%.
An index tracking Shenzhen's start-up board ChiNext dropped 2.3%.
Rising COVID-19 infections in China's city of Xian have spurred a lockdown of its 13 million residents, and several companies have said their operations have been affected.
New energy vehicle giant BYD dropped 3.6%, after the South China Morning Post reported that the company had to cut production at its plant in Xian.
The new energy subindex tumbled 4.1%, with new energy vehicles and the photovoltaic industry down 4.4% and 3.8%, respectively. Chinese battery giant CATL plunged 7.3%.
New energy shares have surged this year amid China's green push, and some investors are taking profits, analysts said.
Non-ferrous metals and machinery stocks dropped 3.6% each, while resource shares lost 2.4%.
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