China stocks slid in late afternoon trade, sentiment still fragile

By: |
Shanghai | January 13, 2016 1:21 PM

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.9 per cent, to 3,155.88, while the Shanghai Composite Index lost 2.4 per cent, to 2,949.60 points.

China stocksChina stocks: The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.9 per cent, to 3,155.88, while the Shanghai Composite Index lost 2.4 per cent, to 2,949.60 points. (Photo: Reuters)

China stocks slid in late afternoon trade on Wednesday after a relatively steady morning session, underscoring the fragility of investor sentiment following last week’s rout.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.9 per cent, to 3,155.88, while the Shanghai Composite Index lost 2.4 per cent, to 2,949.60 points.

Trading was calm in the morning, amid signs that the yuan was stabilising after intervention by China’s central bank.

Analysts pointed out, however, that trading volume was thin, signalling that many investors were standing on the sidelines and putting money elsewhere.

Latest data show China’s recent stock market rout has further dampened risk taking. Investors have been slashing leveraged bets on stocks, seeking safe haven in bonds and money market funds, and stepping up investment overseas.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Chris Wood expects sharp rebound in crude oil demand; energy index outperforms FAANG, S&P 500
2Income Tax dept notifies cost inflation index for FY22 for computing long-term capital gains
3Infosys share price hits new record high; stock may rally 17% more in coming months