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Monday, May 23, 2022

Shanghai stocks dive, yuan hit as Fed flags more hikes

Shanghai stocks dive, yuan hit as Fed flags more hikesHONG KONG: Shares in Shanghai plunged almost three percent on Thursday as the the yuan weakened and the Federal Reserve flagged more US interest rate hikes.

The benchmark Shanghai Composite Index tumbled 2.94 percent, or 75.19 points, to 2,486.42 — its lowest level in almost four years.

And the Shenzhen Composite Index, which tracks stocks on China’s second exchange, slid 2.73 percent, or 34.54 points, to 1,232.01, its weakest close since August 2014.

The Hang Seng Index was flat, inching down 7.71 points to 25,454.55 as investors returned from a one-day holiday.

Copyright AFP (Agence France-Press), 2018

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Source: Brecorder

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