China stocks decline on increasing worries over US protectionism

China stocks fell on Friday and ended the week lower, dragged by consumer and material firms, as reports of more chaos in the Trump administration added to concerns about rising US protectionism.

At the close, the benchmark Shanghai Composite Index was down 0.65 percent at 3,269.88 points, while the blue-chip CSI300 index fell 0.97 percent to 4,056.42 points.

The smaller Shenzhen index ended down 1.01 percent and the start-up board ChiNext index was weaker by 1.48 percent.

Reports of further chaos in the Trump administration, together with reports earlier last week saying that the president is seeking to impose tariffs of up to $60 billion on Chinese imports, cemented investor concerns that the US is increasingly leaning toward protectionism.

Material firms, including aluminum companies and steelmakers, led the decline, after a US trade panel said imports of aluminum foil from China harmed US producers.

The largest percentage gainers in the main Shanghai Composite Index were Shanghai DaZhong Public Utilities Group Co up 10.06 percent, followed by Baida Group Co gaining 10.03 percent and Yangzhou Yaxing Motor Coach Co up by 10.03 percent.

The largest percentage loser in the Shanghai index was Zhejiang Feida Environmental Science & Technology Co down 8.7 percent.

Some 9.58 billion locked shares will become eligible for trading on the Shanghai and Shenzhen stock exchanges from March 19 to March 23, according to information service provider Wind Info.

The unlocked shares are estimated to be worth 182.08 billion yuan ($28.75 billion), up 203.7 percent from the value reached in the previous week, the Wind Info report showed.

The China Securities Regulatory Commission, the country’s securities regulator, has approved three IPO applications, the Securities Times reported on Sunday.

These companies are expected to raise up to 1.9 billion yuan in China’s A-share market.