Shanghai stocks follow regional markets into decline

Hu Yumo
Investor sentiment weakened across Asia on Wednesday as COVID-19 continued to spread rapidly. Brokerages and telecommunication shares were among the biggest decliners.
Hu Yumo

Shanghai stocks fell on Wednesday amid market declines across the Asia Pacific region.

The benchmark Shanghai Composite Index shed 1.83 percent to close at 2,728.76 points.

Shares across the region mostly fell on Wednesday as investors turned cautious due to the rapid worldwide spread of COVID-19.

Brokerages, telecommunication, automobile and insurance shares were among the biggest decliners.

Australia led losses among the region’s major markets, with the S&P/ASX 200 dropping 6.43 percent to close at 4,953.20 points. South Korea’s Kospi retreated 4.86 percent to close at 1,591.20.

Guotai Junan Securities said in a note that investors need to be cautious and turn to companies with good business performances. The company suggests buying infrastructure and high-tech shares.

Chongqing Zaisheng Technology Co Ltd declined 7.87 percent to 11.71 yuan (US$1.67) and Nanjing Securities Co Ltd lost 6.71 percent to 15.3 yuan.

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