2019/03/08

China Stocks Slump Most This Year as Sell Rating Shocks Traders

Chinese stocks slumped the most this year as traders took a rare sell rating from the nation’s largest brokerage as a sign that the government wants to slow down the rally. People’s Insurance Company (Group) of China Ltd., which had become a poster child of the ramp-up in equities, sank by the 10 percent daily limit, while the Shanghai Composite Index dropped as much as 3 percent. Citic Securities Co. advised clients to sell the shares, saying they are “significantly overvalued” and could decline more than 50 percent over the next year. The stock had surged by the maximum allowed by the exchange for five straight days.- Bloomberg


read more