China Market’s Trading Plunges as Covid Keeps Investors at Home – Bloomberg
Trading in China’s stocks has plummeted to the lowest in more than two months as investors deal with fast-spreading Covid infections, squeezing time and attention from portfolios.
Stock exchange trading value in Shanghai and Shenzhen fell for a seventh consecutive session on Tuesday to 642 billion yuan ($92.1 billion), the longest losing streak since at least 2010 as traders call in sick. Several equity fund managers contacted by Bloomberg this week were infected or recovering from the virus.
Market activity has tumbled since China announced further relaxation of Covid testing two weeks ago, leading to a spurt in cases. Trading value has fallen to almost half the levels seen in mid November when the first measures to ease curbs were unveiled.
A similar drop was seen last week in onshore yuan-dollar spot volumes, which fell to lowest since April with banks activating contingency plans to keep operations running. Daily turnover of cash bond trading has also slumped to less than 900…
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source: https://news.oneseocompany.com/2022/12/20/china-markets-trading-plunges-as-covid-keeps-investors-at-home-bloomberg_2022122037948.html
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