China stocks struggle to rebound from Monday’s rout


Nervous market: A man looking at his smartphone near a display showing stock prices at a brokerage house in Shanghai on Monday. China’s benchmark Shanghai Composite index dived on Trump’s threat of more China tariffs. — AP

HONG KONG: There was no rush to buy the dip in Chinese stocks after their biggest rout in more than three years.

The Shanghai Composite Index dropped 0.5% as of 1:21 pm local time after losing 5.6% Monday. The declines, which wiped out US$487bil from the value of Chinese shares, followed two tweets from US President Donald Trump threatening to raise tariffs on Chinese goods this week over the pace of trade talks. His top trade negotiator late Monday confirmed the plans. The offshore yuan briefly extended losses after China’s state-run Global Times newspaper said the country is ready for temporary breakdown in trade talks.

Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

China , markets , nervous , Trump , China , trade ,

   

Next In Business News

Bank Negara fines Habib with RM96,250 for AMLA non-compliance
Pharmaniaga says 'stands firm' on financial recovery to exit PN17
Kobay gets UMA query from Bursa Malaysia
LFE gets RM8.27mil piling work
Jiankun expects GDV of its projects to soar to RM2bil under new leadership
Paramount acquires 21.54% stake in Eco World International
CIMB Securities aims for high single-digit market share by year-end
FBM KLCI retraces earlier losses to close flat
Total Dynamic gets bursa's nod to list on LEAP Market
Asian currencies set for weekly fall; stocks firm on US rate cut bets

Others Also Read