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Chinese Stocks Drop Despite US-Iran Tentative Agreement

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Chinese equities made losses as investors are still concerned despite a tentative agreement to open the Strait of Hormuz.

The Shanghai Composite Index lost 0.7%, or 30.07 points, to cap this week's trade at 4,068.57. The Shenzhen Component Index fell 1.8%, or 286.76 points, to 15,575.13.

The U.S. said it has reached a tentative deal with Iran, which could extend the ceasefire for 60 more days, but it is not yet signed by President Donald Trump. The announcement was made after both sides launched missile attacks despite agreeing on a ceasefire.

Jushri Technologies (SHE:300762) slumped 8% despite receiving the Shenzhen bourse's approval for its share placement plan.

Wuhan Huakang Century Medical (SHE:301235) slumped 7% after winning the bid to provide engineering works for the phase I project of the AMEC South China headquarters and manufacturing base for 94 million yuan.

Hangzhou Gold Electronic Equipment (SHE:301669) fell 3% after its unit, Jianglong Shipbuilding International, signed $27.1 million worth of shipbuilding contracts with Singaporean shipping operators.

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