Shanghai’s over-the-counter equity market was almost deserted on a weekday morning last week. Two cleaning ladies swept the floor of a trading hall devoid of brokers or computers, while a woman at an information desk ate breakfast and talked on her mobile phone.
China’s benchmark stock index extended the biggest five-day rally in eight weeks as Chongqing Changan Automobile Co. led gains for consumer-discretionary shares and China Petroleum and Chemical Corp. rose. Banks fell.
Asian shares fell this week, with the regional benchmark halting a two-week gain and Japan’s Topix index capping its worst week since June, as technology shares sank amid a global rout and the yen strengthened.
Asia’s benchmark stock index fell from an almost three-month high amid a renewed selloff of technology shares and as a gain in the yen yesterday dragged Japan’s Topix index to its worst week since June.
U.S. stocks fell, with the Nasdaq Composite Index sinking the most since 2011, as technology shares resumed a selloff on concern valuations are too high as earnings season begins. Treasury rates sank to a three-week low on speculation interest-rate increases won’t be accelerated.
Asian stocks rose as brokerages trading in Hong Kong climbed after China announced plans to link bourses in the city and Shanghai, outweighing an unexpected fall in exports from the region’s biggest economy.