Chinese stocks slide again

Shanghai fails to sustain Wednesday's mild rally and Japan continues to dive.

    Japanese shares continued a downward
    slide in early trading on Thursday [EPA]
    Not enough
    Renji Motohashi, general manager of the equity department at Shinko Securities, said Wall Street bounced back "but not as much as investors had hoped".

    "Concerns about a US recession are causing investors to sell exporters and manufacturers"

    Renji Motohashi, Shinko Securities

    "Concerns about a US recession are causing investors to sell exporters and manufacturers," he said.
    Wall Street shares regained some lost ground on Wednesday, ending higher a day after a global rout on equity markets unleashed the worst downturn in US stocks since the aftermath of the September 11, 2001, attacks.
    The Dow Jones Industrial Average closed up 0.43 per cent at 12,268.63 while the tech-laden Nasdaq composite finished up 0.34 per cent at 2,416.13.
    Ben Bernanke, the US Federal Reserve chairman, told US legislators that his economic outlook was unchanged and that financial markets were functioning "well".
    Chinese connection
    The Shanghai index had plunged 8.84 per cent on Tuesday, its biggest drop in a decade, before rebounding 3.9 per cent on Wednesday.
    Many analysts and fund managers believe Chinese authorities, who plan to list a string of big firms on the stock market this year, will not permit a collapse of the market.
    Many newly-established mutual funds in China also remain keen to buy non-financial shares.
    In Singapore, shares opened higher on Thursday, reversing two days of sharp losses. The Straits Times Index opened 0.96 per cent higher at 3,133.88.
    The index, which until Monday had risen more than 41 per cent since July, fell a total of 6.25 per cent over Tuesday and Wednesday in line with the heavy global slump.
    In Australia, the S&P/ASX 200 index rose 0.4 per cent to 5,854.0 by 9am on Thursday after posting its biggest one-day percentage fall since September 17, 2001 the previous day.
    New Zealand's benchmark NZX-50 Index also nudged higher, rising 0.1 per cent to 4,040.54.

    SOURCE: Agencies


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