A-share markets down after US plunge

Tracy Li
 Most sectors post declines following the poor performance of Wall Street. 
Tracy Li

China’s A-share markets extended losses on Tuesday, following the plunge on the Wall Street. 

Triggered by the overnight fall in US stocks, A-shares suffered big losses during the morning session but regained some ground during the afternoon. 

The benchmark Shanghai Composite Index was down by 1.56 percent, or 43.94 points, to finish at 2,777.56.

The smaller Shenzhen Component Index dropped by 1.39 percent to end at around 8,859.47 points, while the ChiNext Index tumbled 1.53 percent to finish at 1,507.91 points.

The combined turnover of the two bourses came to 523.6 billion yuan (US$74.5 billion), compared with the previous trading day’s 416.1 billion yuan.

Most sectors declined, with iron and steel makers, chemical companies and light manufacturing names among the top losers. Shares in Xining Special Steel Co Ltd, a company principally engaged in the smelting and rolling processing of special steel products, fell by 5.43 percent to stand at 3.31 yuan a share.

The US markets had their worst day of the year, with the Dow Jones Industrial Average plunging more than 700 points, the S&P 500 slipping nearly 3 percent and the Nasdaq Composite falling 3.5 percent.

The US accusation of China as “a currency manipulator” would further dent investor sentiment, analysts said.

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