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Monday, August 15, 2022

Shanghai stocks sink after more weak China data

Shanghai stocks sink after more weak China dataHONG KONG: Shanghai stocks ended a volatile day sharply lower Monday as another round of disappointing Chinese economic data overshadowed news of plans by Beijing to reform state-run companies in a bid to improve productivity and transparency.

The benchmark composite index lost 2.67 percent, or 85.43 points, to end at 3,114.80. The index had risen as much as 0.91 percent before swinging to a loss of 4.72 percent at one point during the session.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, slumped 6.65 percent, or 118.46 points, to 1,662.89.

However, in Hong Kong the Hang Seng Index added 0.27 percent, or 57.53 points, to close at 21,561.90.

Copyright AFP (Agence France-Presse), 2015

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