Chinese stocks hammered again
The Shanghai Composite Index tumbling 6.41% after opening this morning.
Hot Topic
Hawke’s Bay
China’s stock market has continued its downward spiral, with the Shanghai Composite Index tumbling 6.41% after opening this morning.
This follows China's biggest market’s 8.49% nosedive yesterday, the biggest fall for more than eight years.
The Shanghai composite index lost 205.78 points, to 3004.13, while the Shenzhen Composite Index, which tracks stocks on China's second exchange dropped nearly 7%.
Tokyo was down 4.13% in early trade while Sydney opened 1.41% lower.
The New Zealand market opened sharply lower this morning. The benchmark S&P/NZX 50 Index fell 2.2%, or 126 points to 5482 in the first five minutes after dropping 2.5% yesterday.
The falls in the Shanghai index have occurred despite a government rescue package launched after a huge debt-fuelled rally, which saw the market rise 150% in 12 months, then collapse in mid-June.
On Sunday, Beijing said it will allow the state pension fund to buy stocks. The fund had 3.5 trillion yuan of assets at the end of 2014.
Use MyNBR Tags to track people and companies — and receive key-word email alerts. Find out how here.
Jason Walls
Tue, 25 Aug 2015
Tue, 25 Aug 2015
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Chinese stocks hammered again
50904