Asian traders cautious after being unnerved by China sell-off
Asian traders cautious after being unnerved by China sell-off
Hong Kong - Egypt Today
Asian markets mostly rose but investors moved warily on Friday after a sharp sell-off in Shanghai the previous day fuelled concerns of fresh turmoil in Chinese markets.
China's benchmark composite index plunged more than two percent in a late afternoon sell-off Thursday as mainland traders were spooked by a government crackdown on risky dealing and worries about sky-high valuations.
Analysts also pointed out that there was no intervention by state-backed firms to support key stocks, indicating authorities are willing to see prices fall as they look to cool the market.
The losses rekindled memories of the collapse in mainland stocks in summer 2015 and the following January, which sparked a global retreat and was fuelled partly by fears values had risen too sharply -- the market had surged 150 percent in a year on speculative trading.
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