After disappointing export data was released on Sunday, the Shanghai composite dropped while the Hang Seng rose slightly.
Per AA stocks, the Shanghai and Shenzhen stock markets saw a widened loss after opening lower and closed the market at nearly intra-day lows. At the market close, the Shanghai Composite Index dove 2.79%, the Shenzhen Component Index plunged 3.07% and the CSI dropoped 2.07%. The ChiNext Index tumbled 3.55% to end the day at 2,053.6. More than 100 stocks hit the down limits for the two stock markets. Market turnover totaled RMB499.6 billion.
In contrast to the mainland exchanges, for the Hang Seng, 58% of the components rose while only 19% declined with 2% showing no change. Both indexes were retreated further in the red year to date.
This came after a a week of retrenchment for both indexes. Last week’s performance:
After a drop thanks to both disappointing earnings and a ban on Macao proxy phone betting, gaming companies revived a bit in Hong Kong:
Although all gaming companies were hit when the VIP proxy betting was halted, it should be noted that Sands had halted the practice last year.