China Equities Slide; Shanghai Drops to Lowest in Over 2 1/2 Years

China Equities Slide; Shanghai Drops to Lowest in Over 2 1/2 Years

Xu Wei

Date: Wed, 09/12/2018 - 17:05 / source:Yicai
China Equities Slide; Shanghai Drops to Lowest in Over 2 1/2 Years
China Equities Slide; Shanghai Drops to Lowest in Over 2 1/2 Years

(Yicai Global) Sept. 12 -- Chinese stocks fell today, with the Shanghai benchmark declining to its lowest level in more than two and half years.

The Shanghai Composite Index closed down 0.3 percent at 2656.11 points, its deepest trough since Jan. 29, 2016, while turnover shrank to CNY93.45 billion (USD13.6 billion), also the lowest since January 2016.

The Shenzhen Component Index lost 0.7 percent to 8111.16 at the closing bell, with CNY124.3 billion worth of shares changing hands. Hong Kong’s Growth Enterprise Index dropped 0.67 percent to 1385.80 points, with turnover of CNY41.1 billion, while the Hang Seng Index was off 0.3 percent.

The pharmaceutical sector took a harder hit than others after the State Medical Insurance Administration yesterday announced the first high-volume procurement orders that are expected to cut drug prices by as much as 40 percent.

Jiangsu Nhwa Pharmaceutical [SHE:002262] plunged by the daily bourse-imposed limit of 10 percent to CNY16.03 (USD2.33). Hangzhou Tigermed Consulting [SHE:300347] dropped almost 7 percent to CNY48.56, while Shanghai Pharmaceuticals Holding [SHA:601607] closed 3.7 percent lower at CNY20.68.

Editor: Ben Armour

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Keywords: MSCI, Stocks