Stocks at multi-year low amid trade war fears

Source:Reuters-Global Times Published: 2018/9/12 16:58:40

Chinese mainland stocks fell on Wednesday, dragging the major index down to its lowest level since January 2016, as worries over escalation in the US-China trade war hit investor sentiment, with China seeking WTO sanctions.

At the close, the Shanghai Composite Index was down 0.33 percent at 2,656.11 points, its weakest close since January 28, 2016.

Meanwhile, the blue-chip CSI300 index closed 0.69 percent down at 3,202.02 points, its lowest close since August 4, 2016.

The CSI300 financial sector sub-index fell 0.21 percent, the consumer staples sector ended 1.94 percent lower, the real estate index finished 0.42 percent lower and the healthcare sub-index shed 2.84 percent.

China told the WTO on Tuesday it wanted to impose $7 billion a year in sanctions on the US in retaliation for Washington's non-compliance with a ruling in a dispute over US dumping duties.

The smaller Shenzhen index was down 0.70 percent and the start-up board ChiNext Composite Index was weaker by 0.67 percent.

The largest percentage gainers on the main Shanghai Composite Index were Will Semiconductor Co Shanghai, up 10.01 percent, followed by Guizhou Guihang Automotive Components Co, which gained 10 percent and Ningbo Fuda Co, up by 10 percent.

The largest percentage losers on the Shanghai index were Jinzhou Jixiang Moly Co, down 10.03 percent, followed by Jonjee Hi-tech Industrial and Commercial Holding Co, which lost 5.81 percent and LBX Pharmacy Chain JSC, down by 5.16 percent. 

So far this year, the Shanghai stock index has slid 19.7 percent.

Posted in: MARKETS

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