(MENAFN- Saudi Press Agency) The Shanghai Composite Index plunged almost 8.5 per cent on Monday in its greatest fall in eight years despite recent
government efforts to support the market, dpa reported.
The main index closed 8.48 per cent down at 3,725.56, 6 per cent up
from its recent July 8 low, but still 28 per cent down from its June
12 high.
A lingering lack of confidence in the economy and the stock market
was behind the fall, a Chinese analyst told dpa.
'The stock market has too many bubbles and too much false
information,' said Hu Xingdou, an economics professor at the Beijing
Insitute of Technology, 'And the leverage rate is too high with no
efficient regulations to solve such problems.'
The Shenzhen Component Index fell 7.59 per cent to close at 12,493.05
points.
The Hong Kong Hang Seng Index declined 3.28 per cent to trade at
24,305.23.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.