Shares take a tumble
Print Edition
SHANGHAI stocks tumbled yesterday after investors were spooked over rising US-China trade tension and on news that Huawei Technologies was being investigated for alleged Iran sales.
The Shanghai Composite Index dropped sharply by 1.38 percent to close at 3,075.03 points.
Huawei is now said to be under investigation by US authorities for Iran sales. This followed US President Donald Trump’s imposition of a seven-year ban on sales of technologies by American companies to ZTE Corporation last week.
Southwest Securities said in a note that the China-US trade frictions continued to worsen, raising investor concerns in the broader A-share market, especially in sectors related to the high-tech industry chain.
Electronic component shares declined the most, with Southwest Securities, Zhengjiang Huazheng New Material Co Ltd and Xiamen Hongxin Electron-tech Co Ltd all falling sharply by the daily limit of 10 percent.
House appliances firms also fell. Xiamen Hongxin Electron-tech Co Ltd also fell by the 10 percent daily cap and KingClean Electric Co Ltd shed 6.86 percent to 27.98 yuan (US$ 4.4).
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