The Chinese market fell below last year’s minimum

The Chinese market fell below last year’s minimum

Moscow. January 14. Asian stocks fall on Thursday amid falling oil prices and growing concerns about the state of the Chinese economy, reports Bloomberg.

Chinese Shanghai Composite has decreased in the course of trading on 1% to 2921,65 item. Thus, the indicator value has dropped below the minimum observed during the summer downturn in the stock market in China – 2927,29 item.

The Japanese Nikkei 225 lost in the course of trading was 4.1%, Hong Kong’s Hang Seng index was 1.6%, the Australian S&P/ASX 200 – also 1.6 percent.

Investors stepped up selling of shares of Chinese companies, fearing that a weakening of the yuan will strengthen outflow of capital from the country, while the rise of the Chinese economy continues to slow.

“We are seeing an increase in the number of sell orders, while long-term investors enter the market, essentially buying up fallen in price shares, says analyst with Shenwan Hongyuan Group in Hong Kong William Wong. – A sharp decline in the stock market in China early this year had a negative impact on investor confidence”.

The CSI 300 index, the calculation includes shares traded in Shanghai and Shenzhen, fell during the auction by 0.5%, indicators 9 out of 10 of its industry groups falling.

The quotations of the largest companies of China – Industrial & Commercial Bank of China and PetroChina fell in the course of trading is not less than 1.2%.

The Japanese stock market on Thursday shows the maximum drop since September, stocks of oil producers, insurers and trading companies are getting cheaper.

The value of the securities Sumitomo fell by 6.8%. On the eve of the Japanese trading house has withdrawn its own profit forecast for the 2016 financial year ending in March, due to major write-downs. The company had to write off 77 billion yen ($651 million) with project cost Nickel mine in Madagascar. Last fingado trade house has received a loss of 73.2 billion yen, which was the worst figure since 1997.

Shares of Sony fell by 5.5%, following the deterioration in the valuation of securities of the company analysts of Credit Suisse Group.