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Chinese Shares Down as Iran War Talks Stall; Inovance Technology Falls 7%

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-- Chinese shares fell on Tuesday as consumer sentiment turned cautious amid stalled talks to end the Iran war.

The Shanghai Composite Index, the main gauge of Chinese stocks, slid 0.2% to 4,078.64. The Shenzhen Component Index fell 1.1% to 14,830.46.

Sources said U.S. President Donald Trump appears unreceptive to Iran's offer to end the war. The proposed plan would see the Strait of Hormuz reopened, but would postpone talks on Tehran's nuclear program for another time, CNN reported.

Also, Iran's Foreign Minister Abbas Araghchi had earlier given Pakistan a list of "red lines" to pass on to the U.S.

Caution also prevailed among investors as they pored over first-quarter earnings reports from Chinese tech companies and scaled back their holdings ahead of the five-day holiday starting May 1, according to Reuters.

In company news, Shenzhen Inovance Technology (SHE:300124) posted first-quarter attributable net profit of 1.01 billion yuan, down 23% from 1.32 billion yuan the previous year. Shares of the robot maker fell 7% Tuesday.

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