Beijing (AsiaNews / Agencies) - The Chinese stock market chalked up losses for the fourth consecutive day today, forming the longest losing streak since 2007. The Shanghai Composite started the day down 6%, and closed at noon down 4.3.
After a dramatic day yesterday, other Asian stocks markets have made a slight recovery: the Hang Seng Index in Hong Kong gained 1.6%, the Korean Kospi 1.3%. Shanghai Security News reported that the Bank of China will inject an additional 150 billion yuan, buying back titles over the next seven days.
Mikhail Zverev, head of global equities at Standard Life Investments believes that "For us, the rout is a buying opportunity, not a market inflection. Globally, the China slowdown is creating headwinds for industrial capital goods and commodities. But we see no shortage of stock-specific investment opportunities in our broader investment universe". Not everyone is so optimistic. Today ING announced that "the global market volatility will persist in coming days and weeks, supported by China growth anxiety".
Indeed, yesterday was a black day for the richest men on the planet. The wealthiest man in Asia, the Chinese real estate developer Wang Jialin, in one day burned $ 3.6 billion of its assets. Bill Gates was the second most affected, losing 3.2 billion.
Xu Xiang, a Jiangsu journalist, said that the plight of private Chinese investors: "Everyone has either ended up cutting even or at a loss, and many companies are laying off staff. A large number of my friends who work in the manufacturing sector will be in the office every other day. " In China, the journalist continues, loans are increasingly difficult to find, and one of the areas most affected is the catering industry: "Grand restaurants are facing hard times, people avoid them so as not to spend too much. Street restaurants are getting more business".