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Chinese stock market slump sends shockwaves to global markets

(Xinhua)
Updated: 2007-03-01 13:35

The highest daily slump to hit China's stock markets for ten years on Tuesday triggered a domino effect on global capital markets.

Industry observers said on Wednesday that the shock waves felt around the world were a clear sign that China's stock markets have become an important barometer for the world financial community.

"If the Chinese markets catch a cold, the major markets around the world will sneeze," Teng Yin, an analyst with Everbright Securities, quipped.

"This is the first time that Chinese stock markets have affected global markets significantly, but it won't be the last," Teng said. "The reason is China's growing economic power."

Hou Ning, a commentator with China's leading portal website Sina, echoed Teng. "The 'China Factor' is becoming an influential link in the global economy," he said.

On Tuesday, the benchmark Shanghai Composite Index fell 268.81 points, or 8.84 percent, the highest daily drop since February 1997. The component index on the smaller Shenzhen bourse plummeted 797.88 points, or 9.29 percent.

Of the 1,327 negotiable shares on the two exchanges, 1,265 ended the volatile trading day with losses, with 1,072 falling by at least seven percent and around 800reached the daily plummeting limit of 10 percent.

The plunge was led by heavyweights in the steel, nonferrous, electric power, retailing and pharmaceutical sectors.

After the two markets on the Chinese mainland took the big hits, Hong Kong's blue chip Hang Seng Index fell 360 points, or 1.8 percent.

Wall Street was no exception. The Dow Jones industrials dived 416.02 points, or 3.29 percent, the Standard & Poor's 500 dropped 50.33 points, or 3.47 percent, and the Nasdaq composite index was down 96.65 points, or 3.86 percent. The downward adjustments reportedly also stemmed from growing concerns about the slowing of the economy in the US.

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