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China stocks near 1,900, worries grow

(chinadaily.com.cn)
Updated: 2008-10-16 15:59

Shares in China's Shanghai stock exchange dived through the psychologically important 1,900-level in Thursday trading, as panic about a worsening crisis of the bleak global economy continued to unnerve Chinese investors.

The Shanghai composite industrial average of leading blue chips dropped 4.25 percent, to close at 1909.94, adding to Wednesday's 2 per cent fall following dire retail consumption data from the US, and worse-than-expected unemployment figures from around the world.

The decline in China stocks follows an overnight rout on Wall Street, and dragged down by huge plunges in neighboring markets. Japan's Nikkei index closed down 11.41 per cent, to record its worst one-day fall since the stock market crash in 1987.

The South Korean Kospi index closed down a massive 9.4 percent. And the Hang Seng index tumbled by more than 1,200 points, or 8 percent, to eradicate all the gains achieved in the giant rally on Monday and Tuesday.

Optimism about a stabilization in world's credit markets has been wiped, and widespread selling of global equities has resumed as the quarterly results season gets underway, and reports trickle in about sharp losses by many companies.