China’s
stock-index futures slumped before the release of trade data for August
that will probably add to signs of a slowdown in the world’s
second-largest economy.
Contracts
on the CSI 300 Indexdropped 1.1 percent at 9:18 a.m. local time before
the trade data due at about 10 a.m. China’s overseas shipments probably
fell 6.6 percent from a year earlier, compared with a drop of 8.3
percent in July, according to a survey of 30 economists and analysts.
The
Shanghai Composite Index sank 2.5 percent to 3,080.42 on Monday, led by
as large-company shares, amid speculation state-backed funds halted
intervention. The Hang Seng Index slumped 1.2 percent in Hong Kong, and
the Hang Seng China Enterprises Index dropped 0.7 percent to a two-year
low. The value of shares traded on the Shanghai Composite was 27 percent
below the 30-day average, while a gauge of 100-day volatility was near
its highest level since 1997.
In
a move to tame price swings that wiped out about $5 trillion of market
value, China is considering a circuit breaker tied to shares of the
nation’s biggest companies. Trading of stocks, stock options and index
futures would be halted for 30 minutes when the CSI 300 Index rises or
falls 5 percent, according to a statement Monday from the Shanghai and
Shenzhen stock exchanges along with the China Financial Futures
Exchange. Feedback on the plan is being accepted until Sept. 21, it
said.
Industrial
and energy companies may move after Wall Street Journal reported,
citing a government document, that China approved a five-year reform
plan to merge state-owned enterprises and push them to sell shares to
the public.
Margin
traders increased holdings of shares purchased with borrowed money for
the first time since Aug. 14 on Monday, with the outstanding balance of
margin debt on the Shanghai Stock Exchange rising 1.6 percent to 615.9
billion yuan ($97 billion).
Source : Bloomberg
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