Stocks sink on soaring risk phobia

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January 27, 2021

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Stocks sink on soaring risk phobia

By Huang Yixuan | 00:05 UTC+8 January 27, 2021 |

Print Edition

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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Stocks sink on soaring risk phobia

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