China Stocks Get Pushed Down by US Headwinds
Chen Juan
/SOURCE : Yicai
China Stocks Get Pushed Down by US Headwinds

(Yicai Global) Oct. 19 -- China's mainland stock markets have faced downward pressures, partly affected by the declining US equivalents.

The Shanghai Stock Exchange Composite Index fell nearly 3 percent below 2,500 points yesterday. The index closed at 2486.4 points. More than 3,000 stocks dropped and more than 100 hit the daily limit of 10 percent decrease.

In the US, the S&P 500 Index declined more than 1 percent and the Nasdaq 100's slump topped 2 percent yesterday.

The Shenzhen Stock Exchange Component Index fell 2.4 percent to close at 7187.5 points. The Growth Enterprise Market board slid 2.2 percent to close at 1,205 points.

As panic spread, trading volumes continued to decline. The total turnover of Shanghai and Shenzhen stock markets was CNY235 billion (USD33.9 billion), a decrease of CNY18.9 billion from the previous trading day, transaction data shows.

The weighted stocks of state-owned enterprises were hammered among China Concepts Stocks, which refers to firms that have major activities in the country. Oil giant PetroChina, engineering firm China Communications Construction and China Railway Construction led the plunge with PetroChina falling up to 7.9 percent.

Transactions through the Shanghai-Hong Kong Stock Connect were low. Northbound trading had a net outflow of CNY472 million (USD68.1 million). Shanghai logged an outflow of CNY755 million while Shenzhen had a net inflow of CNY283 million.

Mainland-based investors seemed to take up risk-averse sentiments. Southbound trading registered a net inflow of CNY586 million, of which Shanghai logged a net inflow of CNY624 million while Shenzhen had a net outflow of CNY40 million.

Editor: Emmi Laine

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Keywords: A-Share Market , Shanghai-Hong Kong Stock Connect , Bear Market , Mainland Stocks , SOEs