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January 27, 2021

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Stocks sink on soaring risk phobia

Chinese stocks plummeted yesterday, reversing earlier rallies amid soaring risk aversion, with total turnover also shrinking sharply.

The benchmark Shanghai Composite Index tumbled below the 3,600-point level, down 1.51 percent to close at 3,569.43 points, while the smaller Shenzhen Component Index plunged 2.28 percent to 15,352.42 points. The ChiNext Composite Index, meanwhile, took a nosedive to end 2.89 percent lower at 3,258.36 points, after seeing an intraday slump of over 3 percent. The STAR 50 Index fell 1.34 percent to 1,478.45 points.

Trading volume on the two major bourses was 1.01 trillion yuan (US$156.63 billion), shrinking sharply from the 1.21 trillion yuan in the previous session. The Shanghai market posted a turnover of 436.3 billion yuan, down 91 billion yuan from Monday.

Capital flowed out of the Chinese mainland, with a net outflow of 3.54 billion yuan via the Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong.


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