Shanghai shares reverse gains to fall sharply

Huang Yixuan
Stocks fall to a fresh 28-month new low amid investor worries over looming US and China tariffs on Friday.
Huang Yixuan

Shanghai stocks fell sharply again today, reversing Tuesday's rebound, amid investor concern over a wave of looming tariffs to be imposed by the US and China on each other's goods on Friday.

The Shanghai Composite Index dropped 1 percent to end at a fresh 28-month low of 2,759.13 points. 

The US is set to impose tariffs on US$134 billion of Chinese goods on Friday and China has vowed to do the same on the equivalent value of American products.

Household appliances shares led the losses, with Ecovacs Robotics Co falling by the daily limit of 10 percent.

Stocks related to the Internet such as Shanghai Baosight Software Co, CIG Shanghai Co and Yonyou Network Technology Co shed over 4 percent.

Losses were also suffered by textile and clothing firms, with Sichuan Zhenjing Co slumping by the maximum daily cap of 10 percent while Hunan Huasheng Co dropped 9.7 percent and Huafang Co lost 7.35 percent.

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