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August 13, 2020

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Stocks extend losses on weak M2 growth

Shanghai stocks extended losses yesterday but remained above the 3,300-point level.

The benchmark Shanghai Composite Index fell 0.63 percent to 3,319.27 points, while the smaller Shenzhen Component Index slumped 1.17 percent to 13,308.52 points.

The ChiNext Composite Index, meanwhile, tumbled 1.98 percent to 2,635.5 points, and the blue chip CSI300 Index ended 0.73 percent lower at 4,647.64 points.

The general retreat in major indexes was partly due to weaker-than-expected growth in the country’s M2, a broad measure of money supply that covers cash in circulation and all deposits, which rose 10.7 percent year on year, 0.4 percentage points lower than at the end of June.

The mainland saw a net outflow of 1.64 billion yuan to overseas markets via the Stock Connect schemes, among which the Shanghai bourse posted a net influx of 948 million yuan. Shares of more than 70 listed firms surged by the daily limit of 10 percent, while over 34 declined by the same.

Precious metal firms continued to lead the losses, with Chifeng Jilong Gold Mining Co slumping by the maximum 10 percent.


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