BEIJING: China stocks continued their sell-off on Wednesday following a 6 percent plunge in the previous session, and one prominent investor warned that the sinking feeling may last a little while longer.
The benchmark Shanghai Composite opened down 2.7 percent at 3,646.75 points on Wednesday before sliding further to register a 5 percent loss by mid-morning. The index closed down 6.1 percent at 3,749.12 points on Tuesday, its biggest daily decline since July 27.
Lim Say Boon, chief investment officer at DBS Bank’s wealth management arm, said the negative factors piling up against the Chinese market were “many and daunting”.
“Last week, I warned investors to “brace….brace…brace” – another round of weakness in the Chinese equities market was coming,” he said. “And I repeat my warning: Don’t expect an easy return to good times again for Chinese equities.”
