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Chinese stock market suffers biggest loss in seven years as analysts fear growth times are over Chinese stock market suffers biggest loss in seven years as analysts fear growth times are over
(35 minutes later)
China stocks have plunged by nearly 8 per cent, sparking fears that the country's remarkable eight-month growth period is over. China stocks have plunged by nearly 8 per cent, sparking fears that the country's remarkable growth period may be ending.
The Shanghai Composite, an index of all stocks traded on the Chinese stock exchange, was down 7.4 per cent on Friday to 4,192.87 points, following a 13 per cent fall last week. The Shanghai Composite, an index of all stocks traded on the Chinese stock exchange, was down 7.4 per cent to 4,192.87 points on Friday, following a 13 per cent fall last week.
The CSI300 has crashed 7.9 per cent to 4,336.19 — its biggest drop since June 2008.The CSI300 has crashed 7.9 per cent to 4,336.19 — its biggest drop since June 2008.
Stocks suffered across the board, with nearly 2,000 of the roughly 2,800 companies listed in mainland China falling by the 10 per cent daily limit.Stocks suffered across the board, with nearly 2,000 of the roughly 2,800 companies listed in mainland China falling by the 10 per cent daily limit.
Morgan Stanley is advising against buying during this dip, with analysts seeing this as the end of China's extraordinary bull-run. Wow. China CSI 300 stock index futures are down by MAXIMUM 10% limit
Jonathan Garner, head of Asia and emerging-market strategy told Bloomberg: "We think the balance of probabilities is that the top for the cycle on Shanghai, Shenzhen and the ChiNext has now taken place." Experts are advising against buying, believing this to be not a straightforward market dip but rather the end of China's extraordinary eight-month-long bull run.
Jonathan Garner, Morgan Stnaley's head of Asia and emerging-markets told Bloomberg: "We think the balance of probabilities is that the top for the cycle on Shanghai, Shenzhen and the ChiNext has now taken place."
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