Dozens of big Chinese companies tiptoe toward Tuesday’s stock-market open at all-time lows
With U.S. stocks again struggling mightily Monday despite aggressive, even dramatic, central-bank action and Tuesday’s opening bells in Shanghai and Hong Kong and other Asian markets now just a handful of hours away, dozens of notable China-listed companies find themselves precariously perched near and at historical lows.
Nearly early all Asia benchmarks closed down by several percent on Monday, with numerous Chinese companies experiencing unprecedented swings in their share prices. The stock prices of more than 100 mainland-listed companies fell more than 10%. Of those, 44 hit their all-time lows.
The crushing trading day hit state-owned and independent enterprises alike, some directly connected to the epidemic and others with indirect or supply-chain involvement. A significant number of the companies that hit rock bottom are large enterprises on the mainland.
Over 100 large-cap mainland companies saw one-day losses of at least 10%. The majority of those are in technology- and electronics-related sectors. Yet in a manner typical of China’s often Wild West markets, dozens of other companies saw striking one-day increases. Those winners were dominated by pharmaceutical, chemical, agricultural and biotech giants.
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