Local markets continue fall, Shanghai below 3,000
China’s stock markets continued to fall yesterday, with the benchmark Shanghai index sinking below the key psychological level of 3,000 points.
The A-share markets opened higher before falling, dragged by military, financial and cyclical stocks such as energy and construction. The Shanghai Composite Index plunged by 1.51 percent or 45.93 points to finish at 2,997.10. It hits an intra-day high of 3,100 last Tuesday.
The smaller Shenzhen Component Index fell 1.95 percent to end at 9,513.00 points, while the ChiNext fell 2.32 percent to 1,630.19 points.
The combined turnover of the two bourses dropped to 768.3 billion yuan (US$114.4 billion) from 819.3 billion yuan on Monday.
CSSC Science & Technology Co Ltd, a Shanghai-based company mainly engaged in general project contracting and the provision of engineering design, survey, consulting and supervision services, saw its shares fall the daily 10 percent cap to 14.13 yuan. Guosheng Securities forecast the A markets would not fluctuate dramatically over the short term.
And it encouraged investors to remain optimistic and look at the recent corrections to guide them to investment opportunities.
Wu Xiaoqiu, vice president of the Renmin University of China and director of its Institute of Finance, told the annual Boao Forum for Asia, which kicked off yesterday, that risks facing China’s capital market have been stabilizing. But worries about local government debt and some corporate debt remain.
The forum in the Hainan city of Boao brings together corporate executives, entrepreneurs and others.
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