Oct 18, 2018 (China Knowledge) - The Chinese stocks have become the worst performing market as trade war with the U.S. escalates. Analyst are wary about the outlook, with the probability of an end to the trade war remaining bleak and a potential trade negotiation being dragged.
Furthermore, President Donald Trump’s determination to push Beijing to agree to his terms and conditions before he agrees on any negotiations will do no good but drag the worsening trade tension longer.
The Shanghai Index since a peak in January is in constant decline till today. The Shanghai Index was at 3559.47 on 24 Jan, earlier this year. The index recorded before lunch today was at 2515.82, down 29.3% in this period.
The Shenzhen Index on the other hand has also experienced the same fate. Since its peak on January 24, at 11607.57, the index has been experiencing a fall since then. The index recorded before lunch today was at 7274.42, down 37.8% in this period.
Performance of top A-shares companies which includes major banks have reported a fall when the exchange opens today. Shares price of the world’s largest bank by assets, Industrial and Commercial Bank of China <601398:SH> were down 0.37%, while shares price of Bank of China were down 0.56%.
Other two major banks hit by the fall include Agriculture Bank of China <601288:SH>, down 0.58% while shares price of China Construction Bank Corp, the second largest bank by assets in China were down 0.29%.
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