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Shanghai market down 0.69% in morning trading
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SHANGHAI stocks tumbled this morning following turbulences in overseas markets due to increasing concerns over emerging economies.
The benchmark Shanghai Composite Index lost 0.69 percent, or 14.10 points, to 2,040.30. Half-day turnover was 46.1 billion yuan (US$7.6 billion).
“Financial volatility in oversea markets is affecting the domestic market,” Shenyin & Wanguo Securities said.
The US stock market plunged on Friday with the S&P 500 falling the most since June 2012 as investors grew gloomier about emerging markets and worried about a capital flight triggered by the Federal Reserve’s tapering of its monthly bond purchase.
Signs of a weakening Chinese economy added to market jitters.
Data released last week showed that China’s manufacturing activity may have contracted in January for the fist time in six months.
The HSBC’s Flash China Purchasing Managers’ Index, a preliminary gauge of manufacturing activity at private and export-oriented firms, fell to 49.6 this month from the final figure of 50.5 in December.
Financial counters suffered the most. CITIC Securities, China’s biggest broker, lost 2.6 percent to 11.65 yuan. Sinolink Securities Co Ltd slumped 5 percent to 18.70 yuan. Haitong Securities decreased 2.1 percent to 10.50 yuan.
Shanghai Pudong Development Bank Co Ltd lost 1.1 percent to 9.13 yuan. China Minsheng Banking Corp Ltd slipped 1 percent to 6.99 yuan. Industrial and Commercial Bank of China Ltd shed 0.9 percent to 3.37 yuan.
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