SHANGHAI/Hong Kong: China stocks slumped on Monday, as fears over the economic impact of the global Covid-19 coronavirus epidemic were exacerbated by a crash in oil prices that battered financial markets around the world.
The CSI300 index skidded 3.4% to close at 3,997.13 points, while the Shanghai Composite Index slid 3.0%, to 2,943.29 points.For the day, foreign investors sold A-shares worth more than 12 billion yuan via the Stock Connect linking mainland and Hong Kong amid a rush to buy less risky assets.
"China has more fiscal policy room to hedge the impact from the virus outbreak, which is why the A-share market is relatively stronger, as a wave of rate cuts by central banks could have limited impact on global capital markets and economy," Zhou added. Mainland China, outside Hubei province, reported no new locally transmitted cases for the second straight day, as a senior Communist Party official warned against reducing vigilance against the disease.
" A-share market is still very locally driven. Local investors feel they have experienced the worst and the government is going to implement easier fiscal, monetary policy and help the domestic economy to recover," said Khiem Do, head of Greater China Investments at Barings.
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