Quantcast
Wednesday , August 23 2017
Breaking News
Home / International Markets / China stocks fall after oil producers slump, Shanghai Composite drops 0.8%
China stocks fall after oil producers slump, Shanghai Composite drops 0.8%

China stocks fall after oil producers slump, Shanghai Composite drops 0.8%

SHANGHAI: After the nation’s largest oil producers slouched and brokerages tumbled, China stocks sank, sending a gauge of instability in the benchmark in to 5 year highs.
PetroChina Co. and China Petroleum & Chemical Corp. slid more than 2 percent. China Oilfield Services Ltd. plunged 6.8 percent in Hong Kong after the company estimated a decline in profits from lower crude prices. Haitong Securities Co. dropped 5.6 percent. Citic Securities Co. slumped 5.7 percent in Shanghai after rallying over the past eight days.
The Shanghai Composite slid 0.8 percent to 2,915.28 as of 1:30 p.m. local time, after gaining as much as 0.9 percent and falling as much as 1.6 percent. The index’s 10-day volatility surged to the highest level since 2009 as investors assess the sustainability of a rally that has been the world’s best among major global markets over the past month and propelled share prices to the most expensive levels in three years.