China Stocks Slide 5.3 Pct To New 20-month Low

From Reuters:

China’s main stock index tumbled more than 5 percent on Monday to a new 20-month closing low, hit by fears that slowing economic growth will stifle the expansion of corporate profits.

The Shanghai Composite Index ended down 5.34 percent at 2,319.868 points, only marginally off its intra-day low of 2,318.926. It is down 14.95 percent over the past seven trading days, and down 62 percent from last October’s record peak.

Falling stocks in Shanghai outnumbered gainers by 904 to 31, with over 200 Shanghai A shares plunging their 10 percent daily limits.

“There is no confidence at all, and no money entering the market to clean up this mess, so no one can call a floor now,” said Zhang Qi, analyst at Haitong Securities.

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