Homepage
PR Newswire
26-06-2018, 03:36 PM
Shanghai’s stock market enters bear territory as key index plunges for a second day
Investors scurry to extract funds amid growing fears of all-out US-China trade war
Laurie Chen
PUBLISHED : Tuesday, 26 June, 2018, 11:18am
UPDATED : Tuesday, 26 June, 2018, 3:00pm
Shanghai’s benchmark stock index plunged for a second day, sending Asia’s largest equity bourse into official bear market territory, as concerns of a trade war with the US sent investors scurrying to extract their funds from the capital markets.
The Shanghai Composite Index tumbled as much as 1.9 per cent in Tuesday morning trading to 2,803.78, while the key gauge on the smaller Shenzhen exchange in southern China declined by as much as 1.6 per cent to 1,561.50.
By noon, the Shanghai Composite had recovered some ground, but was still down 0.82 per cent to 2,835.88 points. The Shenzhen Component Index bounced back to 9,318.51, a loss of only 0.07 per cent.
Overall, Chinese stocks have lost an estimated US$1.6 trillion in total value – more than Canada’s entire GDP – since their high in January, threatening to knock China off the throne as Asia’s largest capital market. The Shanghai index has fallen 20 per cent from its January peak, officially marking the bourse as a bear market.
More details in http://www.scmp.com/business/companies/a...s#comments
Investors scurry to extract funds amid growing fears of all-out US-China trade war
Laurie Chen
PUBLISHED : Tuesday, 26 June, 2018, 11:18am
UPDATED : Tuesday, 26 June, 2018, 3:00pm
Shanghai’s benchmark stock index plunged for a second day, sending Asia’s largest equity bourse into official bear market territory, as concerns of a trade war with the US sent investors scurrying to extract their funds from the capital markets.
The Shanghai Composite Index tumbled as much as 1.9 per cent in Tuesday morning trading to 2,803.78, while the key gauge on the smaller Shenzhen exchange in southern China declined by as much as 1.6 per cent to 1,561.50.
By noon, the Shanghai Composite had recovered some ground, but was still down 0.82 per cent to 2,835.88 points. The Shenzhen Component Index bounced back to 9,318.51, a loss of only 0.07 per cent.
Overall, Chinese stocks have lost an estimated US$1.6 trillion in total value – more than Canada’s entire GDP – since their high in January, threatening to knock China off the throne as Asia’s largest capital market. The Shanghai index has fallen 20 per cent from its January peak, officially marking the bourse as a bear market.
More details in http://www.scmp.com/business/companies/a...s#comments
Specuvestor: Asset - Business - Structure.