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Chinese Shares Open Lower Amid Tech Selloff, Rate Hike Concerns

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Chinese shares opened lower on Monday amid the ongoing tech selloff and U.S. Federal Reserve Chair Kevin Warsh's hawkish speech at the Jackson Hole Symposium

The Shanghai Composite Index, the main gauge of Chinese stocks, declined 0.6% to 3,926.53. The Shenzhen Component Index went down 1.4% to 13,764.41.

The selloff in tech shares continued to bear down on Chinese equities, with the SSE STAR 50 Index (SHA:000688), the benchmark for the 50 largest science and technology companies on the Shanghai bourse, opening 2.3% lower.

Investors were also more cautious after Warsh's hawkish speech raised rate hike concerns.

Warsh said inflation hasn't meaningfully improved and that the Fed has "work to do" unless underlying trends clearly move toward the 2% target, CNBC reported. He hinted at the need to increase interest rates if there is insufficient progress made on easing price pressures.

What else is happening in Asia?

Asia

CALB Group's H1 Attributable Profit, Revenue Soar

CALB Group (HKG:3931) reported 935.1 million yuan in profit attributable to owners for the first half, compared with 466 million yuan a year ago, a Friday bourse filing showed.EPS moved to 0.5276 yuan from 0.2629 yuan year over year.For the six months ended June 30, revenue was 27.1 billion yuan, versus 16.4 billion yuan previously, the EV battery maker said.The company proposed an interim dividend of 0.60 yuan per 10 ordinary shares for the period.

HKG:3931
Asia

Time Interconnect Technology's H1 Attributable Profit, Revenue Soar

Time Interconnect Technology (HKG:1729) reported HK$827.6 million in profit attributable to owners for the first half, compared with HK$314 million a year ago, a Friday bourse filing showed.EPS moved to HK$0.3808 from HK$0.1555 year over year.For the six months ended June 30, revenue was HK$10.1 billion, versus HK$4.85 billion previously, the electrical components maker said.The company declared an interim dividend of HK$0.06 per ordinary share for the period, payable to shareholders of record as of Sept. 16.

HKG:1729
Asia

MCC Posts Lower H1 Attributable Profit, Operating Income

Metallurgical Corp. of China (SHA:601618, HKG:1618), or MCC, reported 2.33 billion yuan in profit attributable to shareholders for the first half, compared with 3.1 billion yuan a year ago, a Friday bourse filing showed.EPS moved to 0.05 yuan from 0.09 yuan year over year.For the six months ended June 30, operating income was 175.9 billion yuan, versus 237.5 billion yuan previously, the engineering construction company said.

HKG:1618SHA:601618