Chinese equities swung wildly before ending Monday with another significant drop, as a rate cut from China’s central bank failed to slow the country’s stock market rollercoaster.
The Shanghai Composite sank as much as 7.6 per cent in early afternoon trading before closing the day down 3.3 per cent at 4,053, its lowest finish since mid-April. The index has now fallen 22 per cent from its June 12 high, putting it in technical “bear market” territory and wiping more than $1.2tn off the total value of Shanghai-listed companies.
Since their June 12 peak, Shanghai and Shenzhen stocks have lost a combined $2.3tn in market capitalisation — more than the entire market cap of France ($2.1tn) or Canada ($2tn).
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