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September 23, 2020

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A shares extend losses

China’s A-share markets continued to extend losses yesterday, with most sectors falling on the day.

The benchmark Shanghai Composite Index tumbled 1.29 percent to close at 3,274.3 points amid strong risk aversion sentiment, despite a rally in consumer stocks in early trading.

The smaller Shenzhen Component Index fell 0.96 percent to finish at 13,023.43 points, while the ChiNext Index dropped 0.53 percent to 2,555.54 points.

Volume on the two main bourses was 702.3 billion yuan (US$103.4 billion), compared with 755 billion yuan in the previous session.

The losses were broad-based, with non-ferrous metals, transportation and the national defense industry leading the day’s declines. Only the pharmaceutical and biological sectors closed up slightly.

Shen Meng, executive director of Chanson Capital, told that major European markets took a hit on Monday amid coronavirus concerns.


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