/Dozens of big Chinese companies tiptoe toward Tuesday’s stock-market open at all-time lows

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.

Wikimedia Commons/CE Photo/Uwe Aranas

PetroChina tanks along the Kunming-Dali railway in Yunnan Province.

State-owned PetroChina, Asia’s largest oil and gas company and once the world’s first $1 trillion–valuation corporation, plummeted Monday

PTR, +3.73%

857, -5.74%

601857, -2.04%

to its lowest valuation ever.

From the MarketWatch archives (August 2018): Apple makes history with $1 trillion market cap, but take a look at what happened to the first company to get there

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.

Overall, the benchmark Shanghai Composite Index

SHCOMP, -3.11%

fell 3.11%. The Shenzhen Composite

399106, -4.26%

was down 4.52%. Hong Kong’s Hang Seng Index

HSI, -4.86%

lost 4.88%.

Despite these declines, China’s woes paled compared with those of its Asian neighbors. India’s Monday losses were the most dramatic, with a more than 11% tumble on the benchmark BSE Sensex

1, -13.15%

, to a three-year low.

Australia continued its painful rout, with the S&P/ASX 200 index diving 5.62%, as that country appears near the end of the world’s longest recession-free streak of 30 years.

Tanner Brown is a writer for MarketWatch and Barron’s and producer of the Caixin-Sinica Business Brief podcast.

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