Shanghai Composite index plunges 8.7% as market reopens

  • 📰 YahooSG
  • ⏱ Reading Time:
  • 44 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 71%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The Shanghai Composite index plunged 8.7% as financial markets reopened Monday amid news the virus outbreak has spread further. YahooFinance

BANGKOK — China's Shanghai Composite index plunged 8.7% as financial markets reopened Monday amid news the outbreak of a deadly virus has spread further.

After nosediving on the open, the Shanghai Composite was down 7.4% at 2,755.49, perhaps reflecting intervention by regulators who indicated over the weekend they were prepared to act to steady the markets. China's central bank announced plans Sunday to inject 1.2 trillion yuan into the economy to cushion the shock to financial markets from the outbreak of a new virus when trading resumed. The Lunar New Year holiday, usually a week long, was prolonged by three days as a precaution.

The central bank statement issued Sunday said the open market operation was aimed at ensuring sufficient liquidity. Some cities, particularly the central Chinese city Wuhan where the disease first surfaced, and nearby cities, are still in lockdown. Shanghai authorities extended the Lunar New Year holiday until Feb. 9. Universities remain closed for now.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Singapore shares open lower as investors await China market's reopen; STI down 0.8%Singapore shares open lower as investors await China market's reopen; STI down 0.8%
Source: BusinessTimes - 🏆 15. / 51 Read more »

Tokyo: Stocks start lower ahead of China market reopenTokyo: Stocks start lower ahead of China market reopen
Source: BusinessTimes - 🏆 15. / 51 Read more »

Market heads into Feb with virus outbreak worriesRead more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »