Eq­ui­ties slump as growth con­cerns per­sist

China Daily (Canada) - - LIFE - By LI XIANG lix­i­ang@chi­nadaily.com.cn

Share prices slumped on Wed­nes­day to the low­est since the mar­ket rout in Au­gust as the bet­ter-thanex­pected trade data failed to boost in­vestor sen­ti­ment.

The bench­mark Shang­hai Com­pos­ite In­dex tum­bled by 2.42 per­cent to close at 2,949.6 points. It was the first time that the in­dex closed below the psy­cho­log­i­cally sen­si­tive level of 3,000 points since Au­gust. The smaller Shen­zhen Com­po­nent In­dex re­treated by 3.06 per­cent to close at 9,978.82 points while the startup in­dex ChiNext that tracks high-tech and in­no­va­tive com­pa­nies dived by 4.09 per­cent.

The sell-off in­ten­si­fied af­ter 2:30 pm, with stocks of ship­builders, con­struc­tion ma­te­rial and air­craft man­u­fac­tur­ers lead­ing the de­cline.

Fol­low­ing Wed­nes­day’s crash, China’s stock mar­ket watch­dog dished out an im­me­di­ate state­ment, re­it­er­at­ing that the highly an­tic­i­pated IPO re­form based on reg­is­tra­tion will not take ef­fect from March 1, 2016.

In­stead, the re­form will kick off from March 1, and it is sup­posed to wrap up in two years, ac­cord­ing to the state­ment.

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