China Stocks Slide on Monday: ChiNext Tumbles 2.61% as Over 4,300 Shares Fall; Banks Hit Records, Moutai Reclaims Top Price Crown
Chinese mainland stocks fell across the board on Monday, October 12. The Shanghai Composite closed down 0.43%, the Shenzhen Component lost 2.03% and the ChiNext index tumbled 2.61%, with only 1,167 shares advancing against 4,325 decliners. Defensive names sheltered the index: major state banks including Bank of China, ICBC, CCB and China CITIC Bank hit record highs, and Kweichow Moutai rose nearly 2% to overtake Laxense Instruments and reclaim the title of A-shares' most expensive stock. SI-computing hardware names led the declines. Analysts pointed to three drivers: a sharp selloff in South Korean equities, where turnover has shrunk about 70% from its late-May peak; uncertainty over possible FCC restrictions on optical modules ahead of the commission's October 29 meeting; and continued passive redemptions by insurers and fixed-income-plus funds, which brokerages say are in their final stage.
(Source: China Fund News recap)
Source: China Fund News recap
Published by GSM · USA (original Chinese edition)
Photo: 图片 Image: Manuel Pajer, Shanghai Stock Exchange, CC BY-SA 2.0, via Wikimedia Commons
