Economy

Shanghai at four-year low; Hang Seng down as Tencent plunges

Shanghai at four-year low; Hang Seng down as Tencent plunges”

The Hang Seng Index was at 25,192 points at 11.34am.

The CSI 500 - comprising of the 500 largest companies by market cap listed in Shanghai and Shenzhen - has fallen over 6%, outpacing losses of more than 5% for the Shenzhen Composite and ChiNext Indexes that are dominated by tech stocks. The moves came after both indexes on Thursday logged their worst one-day drops since February 2016.

China's vast export engine unexpectedly kicked into higher gear in September, producing a record trade surplus with the United States that could exacerbate the already-heated dispute between Beijing and Washington.

In China the stock exchange's Hang Seng index fell by 3.84%.

The benchmark index for stocks in mainland China tumbled following the plunge on Wall Street.

Stock of Tibet Tianlu, principally engaged in construction and mineral exploration, jumped near 7 per cent.

The Shanghai Composite rose 1% after earlier falling as much as 1.8%.

In what sums up the session so far perfectly, the SSE 50 - containing the 50 largest stocks by market cap listed in Shanghai - is now outperforming with a decline of only 3.33%.

A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong, and vice versa.

The index fell for the first four days of this week, mainly due to the tumble of oil and gas and banking stocks when investors simultaneously sold them to take profit. Shenzhen Component Index closed at 7,524.09, down 6.07%. The volume in the previous trading session was 19.72 billion.



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