China Markets Live - Shenzhen shares end poorly, but Shanghai trims losses and Hong Kong settles up
US interest rate countdown on ahead of Fed meeting on Thursday, Shenzhen market sinks 6.65 per cent by close
Welcome to the SCMP's live markets blog. The intense volatility of recent weeks has every chance of remaining the core underlying theme of activity. Investors are increasingly focused the broader question of how this episode might affect the wider economy as many suspect the equity bubble has yet to fully deflate. We'll bring you the key levels, trading statements, price action and other developments as they happen.
Here’s a summary of market action today, with analyst views:
- Shanghai finishes 2.67 per cent weaker as market pares losses
- Shenzhen market drops 6.65 per cent by the close
- Hong Kong unmoved by Chinese shares, settles 57 points higher
- Market eyes US Federal Reserve verdict on rates this week
4:11pm: The Hang Seng Index finished 0.27 per cent higher, 57.23 points, at 21,561.9. The H-share index closed up 0.11 per cent, 10.44 points, at 9,728.72.
3:43pm: The Ontario Teachers' Pension Plan, one of the largest professional pension funds in Canada, today announced that Nicole Musicco has been appointed managing director for Asia-Pacific and head of the Hong Kong office. Teachers’ opened its Asia-Pacific office in Hong Kong in 2013 and has a diversified portfolio of assets in the region valued at C$12 billion as the end of last year.
“Nicole’s new role reflects our growing commitment to the Asia-Pacific market and its importance to the future of our fund,” said Ron Mock, chief executive officer and interim chief investment officer. “Her experience with our partners internationally and her knowledge of the Asia-Pacific region specifically made her the logical candidate for this important, newly created position.”
3:13pm: Chinese markets closed lower Monday with the Shanghai Composite down 2.67 per cent, 85.42 points, at 3,114.8.
The CSI 300 Index fell 1.97 per cent, 66.06 points, to 3,281.13.
3:13pm: The Shenzhen Composite finished 6.65 per cent lower, 118.46 points, at 1,662.89. The ChiNext Index fell 7.49 per cent, 154.29 points, to 1,906.21.
3:13pm: The Hang Seng Index is down 0.05 per cent, 10.99 points, at 21,515.36. The H-share index is trading 0.02 per cent lower, 1.46 points, at 9,719.74.
2:56pm: Kenneth Chan, global quantitative strategist of Jefferies said:
