Asian stocks slid,
with the regional benchmark index extending a five-month low, amid
concern that China equities rout will depress growth in the world’s
second-largest economy.
The MSCI Asia Pacific
Index declined 0.4 percent to 139.13 as of 9:01 a.m. in Tokyo. China’s
securities regulator banned major shareholders, corporate executives and
directors from selling stakes in listed companies for six months, its
latest effort to stem an equities decline that’s erased more than $3
trillion of value. It’s a sign of desperation and will fuel fear among
investors, said Mark Mobius, executive chairman of the Templeton
Emerging Markets Group.
China Shanghai
Composite Index sank 5.9 percent to close at a three-month low on
Wednesday as another round of government support measures failed to
allay concern that investors who borrowed to buy shares will keep
unwinding those trades at a record pace. The Hang Seng China Enterprises
Index of mainland shares traded in Hong Kong dropped 6.1 percent while
the benchmark Hang Seng Index posted its biggest decline since the
global financial crisis.
Chinese inflation data
is due Thursday, with sellers locked out of 72 percent of the market
amid trading suspensions. The Federal Reserve registered concern over
China as early as last month, with meeting minutes signaling potential
risks to the U.S. from there and Greece.
Source : Bloomberg
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