BEIJING: China’s stocks fell, sending the benchmark index toward its steepest quarterly loss since 2008, as concern about the nation’s economy deepened ahead of the start of a week-long holiday this week.
The Shanghai Composite Index slid 1.6 per cent to 3,052.56 at 9:31 am local time, extending losses in the last three months to 28 per cent. Material companies led declines, with Jiangxi Copper Co. slumping 2.2 per cent. Trading volumes in Shanghai plunged 46 per cent before the National Day holiday that starts on Oct 1.
The Shanghai gauge has fallen 41 per cent since the June peak as leveraged investors fled the stock market amid concerns valuations weren’t justified amid a weakening economy. Data on Monday showed industrial profits dropping the most in at least four years, while an official manufacturing report scheduled for Thursday will likely a show a contraction.
