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April 26, 2019

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Stocks nosedive, but chickens fly high

China stocks nosedived yesterday, with three major indexes all slumping more than 2 percent.

The Shanghai Composite Index tumbled 2.43 percent to 3,123.83 points. The Shenzhen Component Index plummeted 3.21 percent to 9,907.62 points, while the blue chip CSI300 index also sank 2.19 percent to 3,941.82 points.

Stocks of about a hundred companies listed on the A-share markets slumped by the daily limit of 10 percent. Almost all sectors posted declines, with only shares related to the chicken industry edging up, according to data from Wind Information.

Hot sectors with strong gains in the previous session such as computer shares and the fuel cell industry retreated sharply. Computer companies such as Tsinghua Tongfang Co and Beijing Certificate Authority Co both fell 10 percent.

Shares related to fuel cell and hydrogen energy led the drop, with stocks of nearly 20 A-share companies falling the 10 percent cap.

In response to market rumors of a possible tightening of monetary policy, Sun Guofeng, head of the monetary policy department at the central bank, said the overall strength of the prudent monetary policy was appropriate.


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