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Chinese stocks sink to lowest levels since 2014

Chinese stocks sink to lowest levels since 2014
October 11
17:01 2018

SHANGHAI: Chinese stock markets plunged to their lowest levels in four years on Thursday following a global rout, with shares in around 1,000 firms falling to their daily limit of 10 per cent.
Shanghai fell 5.22 per cent, or 142.38 points, to 2,583.46, marking the lowest level since November 2014.
The Shenzhen Composite Index, which tracks stocks on China’s second exchange, plummeted 6.45 per cent, or 89.15 points, to 1,293.90 — its lowest point since September 2014.

“Chinese market already suffered a blow in confidence after Monday and investors were in a very sensitive state of mind,” said Zhang Yanbing, analyst with Zheshang Securities.
“So they panicked and overacted today.”
It is the second plunge this week for the Chinese mainland market after both Shanghai and Shenzhen saw a drop of nearly four per cent on Monday.

Other Asian markets also plunged Thursday following the worst session on Wall Street for months after US President Donald Trump said the Federal Reserve had “gone crazy” with plans for higher interest rates.
“With the global market rout, mainland shares could not stay safe,” Guangzhou Wanlong Securities said in a research note.
“Interest rate put aside, the Sino-US trade spat is to blame for the October market rout because people are worried the friction will evolve into a political confrontation.”

Trading in Chinese companies is suspended when their shares drop or rise by 10 per cent, and around 1,000 fell to the limit on Thursday.
Banks were the biggest losers in Shanghai. Banking giant ICBC dropped 2.70 per cent to 5.40 yuan while China Construction Bank closed 3.75 per cent lower to 6.68 yuan.
Software companies also lost ground in Shenzhen. Digiwin Software plunged by its 10 per cent daily limit to 9.09 yuan while Unisplendour Corp fell 9.37 per cent to 35.98 yuan.
Brokerages also fell. Shanghai-listed Citic Securities retreated 6.07 per cent to 15.17 yuan while Shenzhen-listed Shanxi Securities plunged by its 10 per cent daily limit to 5.43 yuan. AFP



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