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Market Update: China Shanghai Composite Down to Near 2-Week Low
The Shanghai Composite Index lost 11 points or 0.3% to a near two-week low of 3,528 in early deals on Monday after ending 0.4% higher last week, amid concerns over lingering tension between Beijing and Shanghai. China’s foreign ministry branch in Hong Kong said Saturday that new US sanctions on Chinese officials were “extremely rude” with “despicable intention”. Meantime, China reportedly will crack down on the hoarding and speculation of commodities. Risk appetite was also rattled by fears over the latest development of COVID-19 cases as daily infections have been surging in the US, Europe, and Asia, with the global seven-day average of new cases each day is over half a million for the first time since May. In business news, two Chinese state investors plan to sell a combined 98.78% of their stakes in Dajia Insurance Group, the revamped entity of embattled Anbang Insurance Group for CNY 33.6 billion. Among top losers were real estate, technology, and financials. [/s2If]
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