LiveChina Markets Live - Shanghai and Shenzhen ends sharply lower as rally fizzles; Fed countdown on
The intense volatility of recent weeks has every chance of remaining the core underlying theme of activity. Investors are increasingly focused the broader question of how this episode might affect the wider economy.
Welcome to the SCMP's live markets blog. The intense volatility of recent weeks has every chance of remaining the core underlying theme of activity. Investors are increasingly focused the broader question of how this episode might affect the wider economy as many suspect the equity bubble has yet to fully deflate. We'll bring you the key levels, trading statements, price action and other developments as they happen.
Here’s a summary of market action today, with analyst views and charts:
- Poll by Reuters shows no increase in rates by Federal Reserve
- Societe Generale sees Fed increasing rates
- Shanghai gains wiped out to end 2.1 per cent lower
- Shenzhen similarly heads south to finish 1.48 percent off
- Hong Kong turns around and settles 115 points weaker
- Wall Street and global stocks await Thursday's Federal Reserve decision
4:06pm: Hang Seng Index finished down 0.53 per cent, or 115.67 points, to 21,850.99 pointes. H share index added 0.65 per cent or 64.16 points to 9,968.87 points.
3:42pm: Ahead of the Fed meeting, property stocks fared worse in Hong Kong. Sun Hung Kai Properties slid 1.07 per cent to HK$101.80 and Cheung Kong Property inched down 0.08 per cent to HK$59.
3:38pm: Following the last-half-an-hour slump in mainland shares, Hong Kong-listed financial firms fell, wiping out their earlier gains. ICBC sank 0.62 per cent to HK$4.81, AIA eased 0.23 per cent to HK$43 while Bank of China fell 0.83 per cent to HK$3.6.