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Chinese stocks plunge

24 Jan, 2020 - 02:01 0 Views
Chinese stocks plunge stock market

The Herald

Panic coursed through the world’s second-largest equity market as investors sold stocks on concern a deadly virus will worsen over China’s week-long trading break.

The Shanghai Composite Index settled 2,8 percent lower after the close of trading, its worst end to a Lunar Year in its three-decade history.

More than 90 percent of the mainland’s 4 000 stocks fell on volumes that were 20 percent above average, with foreign traders selling $1,7 billion worth of the shares.

The yuan weakened as much as 0,4 percent and government bond futures rose to the highest level since 2016.

Pressure is building on Beijing to contain a new SARS-like virus that’s killed at least 17 people and infected hundreds.

The coronavirus first appeared last month in the city of Wuhan in central China, a city with 11 million residents – more than in London or New York – that’s now essentially in lock-down after officials halted public travel. — Bloomberg.


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