Chinese stocks fell to a fresh 33-month low to lead Asian markets further down Tuesday, with losses spread across sectors in thin trading and tight liquidity conditions.
The Shanghai Composite Index fell 1.1% to 2,166.21, a level it hasn’t seen since March 2009. The Shenzhen Composite Index fell even more, sliding 2.6% to 853.97. The two indexes are now down 22.9% and 33.9%, respectively, with recent losses coming amid worries about the country’s economic growth outlook.
The Nikkei Stock Average dropped 0.5% to end at 8,440.56 in Tokyo, with some exporters supported by expectations for a strengthening U.S. economy.
South Korea’s Kospi reversed early gains to fall as much as 2.3% at one point in the thinly traded session. The index recovered to finish 0.8% lower at 1,842.02, while Taiwan’s Taiex fell 0.1% to 7,085.03, after changing direction a few times.
Stock markets in Australia, New Zealand and Hong Kong remained closed for holidays.
EasyForexNews Research Team