Market turmoil Chinese stocks tumble on weak economic data

“And the economic situation is not good in Europe, either”. The profits of industrial companies shed 8.8 percent to 448.1 billion yuan last month from a year earlier, the National Bureau of Statistics said yesterday.


The Shanghai Composite Index closed 0.3 percent higher at 3,100.76 points, erasing a loss of as much as 1.58 percent in the morning session.

The slump coincided with the performance of emerging markets, with the later plunging toward the lowest level in six years.

Shares of mining giant Glencore have plunged in Hong Kong, dragging the Hang Seng Index nearly three per cent lower as fears over China’s faltering economy sent shockwaves through global markets. The Hang Seng China Enterprise Index, consisting of mainland Chinese H shares listed in Hong Kong, slipped 3% to 9,230.50.

Renminbi rallied to a seven-week high in Hong Kong’s offshore market, with the overnight borrowing rate jumping by a record on signs that China’s central bank was intervening to support the exchange rate, said the agency. Japan’s Topix index lost 0.4% as more than 1,000 of its members traded without the right to receive the next dividend payment.


Elsewhere, Australia’s S&P ASX/200 fell 3.82%, while South Korea’s Kospi was closed for a bank holiday. Stock markets in Singapore, Thailand and Malaysia were slightly down.

China's sharemarket has never recovered to its pre-GFC peak