china upside down

If you thought the losses on Wall Street were massive overnight, take a look at the scoreboard below of how Chinese stocks were faring at various points on Thursday:

Shanghai Composite 2,583.46, −142.38, -5.22%
SSE50 2,390.50, -103.55, -4.15%
Shenzhen Composite 1,306.69, -5.52%
CSI300 3,150.21, -4.00%
CSI500 4,350.11, -6.04%
Hang Seng 25,437.85, -3.83%
USD/CNY 6.5973, 0.12%
USD/CNH 6.9389, 0.22%

Utter carnage, right?

The benchmark Shanghai Composite Index has tumbled 5.22% to 2583.46 by 9 a.m. Thursday, London time, leaving it at the lowest level in four years.

It’s now lost 27.3% from the year-to-date high struck on January 29, and is currently on track to record its largest one-day percentage decline since February 25, 2016.

Like the benchmark, all other mainland indices are getting smoked, especially small-cap stocks.

The CSI 500 — comprising of the 500 largest companies by market cap listed in Shanghai and Shenzhen — has fallen over 6%, outpacing losses of more than 5% for the Shenzhen Composite and ChiNext Indexes that are dominated by tech stocks.

In what sums up the session so far perfectly, the SSE 50 — containing the 50 largest stocks by market cap listed in Shanghai — is currently outperforming with a decline of only 3.33%.

Hong Kong’s Hang Seng is also in the wars, nursing a decline …read more


Source:: Businessinsider – Finance

      

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