Chinese stocks sank on Friday following Wall Street’s plunge, while the Shanghai Composite posted its first weekly decline in six weeks.
US stocks posted the sharpest downside move on Thursday as investors took profit after aggressive rally in the US tech sector while eco data raised concerns that recovery will be gradual and unstable.
The Shanghai Composite Index dropped 0.87% to 3.355.37 points, while the blue-chip CSI300 Index sank 0.97% to 4.770.22 points. The ChiNext Composite Startup Index fell 0.54%. The sell-off in the US hit sentiment in the Class A China stock market.
The decline was led by consumer goods index CSI300 which trimmed down 2.1%. The financial sector sub-index was down 0.64%, the real estate index was up 0.29% and the health sector was down 1.59%.