CSI 300 Index Falls Most in Seven Months As CCP’s Two Sessions Open

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On the day of the two sessions of the Chinese Communist Party, the two major stock markets in China, Shanghai and Shenzhen Stock Exchange fell with the Shanghai index down more than 2% and the Shenzhen index down 3.46%, while the CSI 300 index fell the most in more than seven months.

The Chinese Communist Party’s National Committee of the Chinese People’s Political Consultative Conference (CPPCC) was held in Beijing on March 4, which heralded the kick-off of the annual CPPCC sessions, but the mainland stock market was not optimistic about the CPPCC sessions that day.

A shares of the Shanghai and Shenzhen markets opened low on the 4th, the market popularity is low, including tourism, beverage manufacturing, hotels and restaurants, biological products, leisure services, non-ferrous metals and most other sectors fell, including Guizhou Maotai fell 5%.

By the close of trading, the Shanghai index closed at 3503.49 points, down 2.05%; the Shenzhen index was at 14416.06 points, down 3.46%; the GEM index was at 2851.87 points, down 4.87%.

The CSI 300 index closed down 3.15%, with Reuters reporting that the CSI 300 index posted its biggest one-day drop in seven months.

Yang Delong, an investment manager at Qianhai Open Source Fund, was quoted as saying that investors are rotating out of consumer, new energy and technology stocks as valuations raise concerns.

Source: Epoch Times

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