SHANGHAI, April 25 — China stocks logged their biggest slump today since the pandemic-led panic-selling in February 2020, on heightened worries of a country-wide Covid-19 outbreak and fears of strict restrictions being imposed in capital Beijing.
China’s yuan also fell to a one-year low against the dollar, extending losses after posting its worst week since 2015, while a worsening economic growth outlook drove investor concern that the currency could fall more. “The poor sentiment is because of fear of potential lockdowns which are starting to multiply beyond Shanghai,” said Gary Ng, Asia Pacific Economist at Natixis. “If the situation gets worse and we see more lockdowns that would have more pressure on the equities market.”
The Shanghai Composite Index dropped below the key 3,000-point level, a psychological comfort zone for Chinese investors, and Ng at Natixis said it may trigger further sell-offs if no strong policy announcement is made in the next few days.
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