Fears of mass share sell-off hammer index
Print Edition
SHANGHAI stocks tumbled yesterday amid turbulent overseas markets due to rising concerns about a widespread sell-off in emerging economies.
The Shanghai Composite Index lost 1.03 percent, or 21.09 points, to 2,033.3.
“Financial volatility in overseas markets is affecting the domestic market,” Shenyin & Wanguo Securities said.
Japan’s Nikkei average yesterday dropped 2.5 percent to 15,005.73 points, the lowest closing since November 14.
The decline also tracked a fall in US stocks on Friday when the S&P 500 slid the most since June 2012 as investors grew gloomier about emerging markets and worried that capital would flow out as the Federal Reserve tapered its monthly bond purchase.
Meanwhile, data released last week showed China’s manufacturing activity may have shrunk in January for the fist time in six months.
Investors were also worried that a flood of new shares would divert funds from existing stocks, according to Western Securities. Seventeen companies will float their shares in Shanghai and Shenzhen this week since a yearlong halt was lifted.
CITIC Securities, China’s biggest listed brokerage, lost 3.3 percent to 11.56 yuan (US$1.91). Sinolink Securities Co slumped 5.9 percent to 18.52 yuan, and Haitong Securities shed 2.9 percent to 10.41 yuan.
Shanghai Pudong Development Bank lost 1.2 percent to 9.12 yuan. The Industrial Bank fell 1.8 percent to 9.22 yuan, and the Industrial and Commercial Bank of China shed 1.2 percent to 3.36 yuan.
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