A nearly eight per cent plunge on the Shanghai composite index was its biggest daily fall in more than four years. The wipe-out came even as the central bank made its biggest cash injection to the financial system since 2004 and despite apparent regulatory moves to curb selling. “Restaurants and retailers may have very little sales.’’More than 2,500 stocks fell by the daily limit of 10 per cent. The People’s Bank of China (PBOC) said the plunge of the stock had irrational or even panic elements, triggered by herd behaviour, in a newspaper commentary published after markets closed. “At this point, we don’t see this as a buying opportunity,’’ said Invesco’s David Chao, a global market strategist for Asia ex-Japan.

Source: Nigerian Tribune February 03, 2020 13:41 UTC