China: Shanghai Composite drops below 3,000 as selloff resumes
[SHANGHAI] China's benchmark index dropped below the 3,000 level, resuming this year's selloff as better-than- expected trade data and government efforts to stabiliSe the yuan failed to ease investor concerns about the economy.
The Shanghai Composite Index slid 1 per cent to 2,991.84 at 2:41 pM, dragged down by telecom and industrial companies. The stocks gauge has slumped 16 per cent in 2016, the world's worst- performing global index.
"The previous plunge has largely damaged the market sentiment," said Wu Kan, fund manager at JK Life Insurance Co.
"The trade data isn't enough to turn around sentiment."
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Singapore stocks end lower after US market wobbles ahead of CPI data; STI down 0.2%
LSEG reports in-line first quarter as Microsoft partnership progresses
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
South Korea readies new system to detect illegal short-selling
Asia: Markets mixed as global rally stalls, eyes on yen
Singapore shares retreat at Thursday’s open; STI down 1.1%