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| China share trading halted after 7% plunge | |
| (35 minutes later) | |
| Trading on China's mainland benchmark index - the Shanghai Composite - was suspended after the market dramatically plunged 7%. | |
| Trading was initially halted for 15 minutes after the stock market fell by 5%, triggering an automatic 15-minute trading suspension under a new system created to curb volatility. | Trading was initially halted for 15 minutes after the stock market fell by 5%, triggering an automatic 15-minute trading suspension under a new system created to curb volatility. |
| But shares continued to fall, leading regulators to end trading early. | |
| A manufacturing survey earlier pointed to more bad news for the economy. | A manufacturing survey earlier pointed to more bad news for the economy. |
| The Caixin/Markit purchasing managers' index (PMI) slipped to 48.2 in December, marking tenth consecutive month of shrinking factory activity in the sector. | The Caixin/Markit purchasing managers' index (PMI) slipped to 48.2 in December, marking tenth consecutive month of shrinking factory activity in the sector. |
| A reading below 50 suggests a contraction in the sector, while anything above 50 suggests growth. | A reading below 50 suggests a contraction in the sector, while anything above 50 suggests growth. |
| The private PMI survey, which focuses more on small and medium-sized businesses, came after an official survey on Friday, which looked at larger companies, suggested a fifth month of shrinking factory activity. | |
| The Shanghai Composite fell 6.9% to 3,296.66 points before trading was halted for the day. | The Shanghai Composite fell 6.9% to 3,296.66 points before trading was halted for the day. |
| Under the new circuit breaker mechanism, moves of 7% from the previous session's close would trigger a trading suspension for the day. | Under the new circuit breaker mechanism, moves of 7% from the previous session's close would trigger a trading suspension for the day. |
| The measures came into effect for the first time on Monday and were created after the stock market's turbulent sell-off over the summer. | |
| Hong Kong's Hang Seng index was down by 2.8% to 21,293.13. | Hong Kong's Hang Seng index was down by 2.8% to 21,293.13. |
| Rest of Asia lower | |
| The rest of the region followed China lower on the start of the new year. | The rest of the region followed China lower on the start of the new year. |
| Japan's benchmark Nikkei 225 index closed down 3.1% to 18,450.98 as a stronger yen also weighed on shares of major exporters. | |
| The market is also catching up with last week's declines in the US, after being closed for the last two sessions. | The market is also catching up with last week's declines in the US, after being closed for the last two sessions. |
| Australia's S&P/ASX 200 index closed down 0.5% to 5,270.50, while South Korea's Kospi index finished lower by 2.2% to 1,918.76 points. | |
| A jump in oil prices boosted Australia's energy sector with shares of Woodside Petroleum up 3%. | A jump in oil prices boosted Australia's energy sector with shares of Woodside Petroleum up 3%. |
| Brent crude gained 3%, rising as high as $38.40 after Saudi Arabia's execution of a prominent Shia Muslim cleric ignited tensions in the region, raising concerns among investors about oil supplies. |