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Shanghai shares fall as emerging market sell-off spreads
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SHANGHAI stocks tumbled today, following turbulences in overseas markets triggered by widespread sell-off in emerging economies.
The benchmark Shanghai Composite Index lost 1.03 percent, or 21.09 points, to 2,033.30. Turnover was 81.9 billion yuan (US$13.4 billion) by the market close.
“Financial volatility in overseas markets is affecting the domestic market,” Shenyin & Wanguo Securities said.
Japan’s Nikkei stock average plunged 2.5 percent today to 15,005.73 points, the lowest close since November 14.
The decline tracked a fall in the US stock market on Friday when the S&P 500 slid the most since June 2012 as investors grew gloomier about emerging markets and worried about a capital flight after the Federal Reserve began to taper its bond-buying program.
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 3.3 percent to 11.56 yuan. Sinolink Securities Co Ltd slumped 5.9 percent to 18.52 yuan. Haitong Securities decreased 2.9 percent to 10.41 yuan.
Shanghai Pudong Development Bank Co Ltd lost 1.2 percent to 9.12 yuan. Industrial Bank Co Ltd fell 1.8 percent to 9.22 yuan. Industrial and Commercial Bank of China Ltd shed 1.2 percent to 3.36 yuan.
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