Chinese Shares See Mixed Trade; Three Gorges Water Conservancy Falls 4%
Chinese shares traded mixed on Thursday as the market struggled for direction amid the signing of the U.S.-Iran ceasefire deal and potential rate hikes by the U.S. Federal Reserve.The Shanghai Composite Index, the main gauge of Chinese stocks, closed 0.4% lower to 4,090.48. The Shenzhen Component Index rose 0.9% to 16,030.70.The U.S. and Iran formally signed a landmark ceasefire agreement on Wednesday. Pakistani Prime Minister Shehbaz Sharif, who served as mediator, said the deal is effective immediately.Iran pledged to reopen the Strait of Hormuz and Washington committed to lift its naval blockade as the first steps under the agreement.Meanwhile, the U.S. Fed signaled potential rate hikes, saying "inflation remains elevated relative to the Committee's 2% goal" and that it will "deliver price stability."In company news, Chongqing Three Gorges Water Conservancy and Electric Power (SHA:600116) terminated its planned 1.27-billion-yuan Wanzhou gas power generation project and canceled project company Chongqing Wanzhou Gas Turbine Thermal Power. Shares of the hydroelectric power generator closed 4% lower Thursday.
