China Markets Live - China stocks close in bear market territory; Hong Kong falls for third week
China’s new yuan loans for December miss market estimates; Hong Kong dollar drops further after hitting four-year low amid fears over China currency
Welcome to the SCMP’s live China markets. The intense volatility in Chinese markets into 2016 due to the implementation of the circuit breaker has roiled world financial markets. Investors are increasingly focused on the broader question of how this episode might affect the wider economy of the country. We’ll bring you the key levels, trading statements, price action and other developments as they happen.
Here is a summary of market movements today:
- Mainland China’s benchmark Shanghai Composite slides 3.6 per cent to end at 2,900.97 on Friday, the worst closing level in two years. It has fallen 21 per cent from the most recent high of 3,651.77 on Dec. 22, technically entering the bear market territory. The index is down 18 per cent this year and 44 per cent lower from the June peak of 5,166.35.
- Hong Kong stocks fell 1.5 per cent Friday. It also recorded a weekly drop of 4.6 per cent, marking the third straight week of declines. So far this year, the benchmark has plunged 11 per cent, compared with an annual loss of 7.2 per cent in 2015.
5:59 pm By Laura He
Elsewhere in Asia, Japan’s Nikkei Average settled 0.5 per cent lower at 17,147.11, extending a fall of 2.7 per cent on Thursday. Australia’s S&P/ASX 200 shed 0.3 per cent to close at 4,892.80, reversing all the gains in the morning. South Korea’s Kospi Composite Index fell 1.1 per cent to finish at 1,878.87. India’s Sensex declined 1.3 per cent to 24,451.39 in the afternoon.
5:47 pm By Laura He
The Hong Kong dollar traded at 7.7941 against the US dollar, down 0.14 per cent from the previous day’s close. The currency has fallen 0.4 per cent in the past two trading session, as fears over China’s economic slowdown and stock market turmoil triggered capital outflows from the region’s markets.
5:23 pm By Laura He