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China's shares go out of heavy sales in the energy sector and growing concern for the economy

More than 637 billion shares worth 4.44 billion yuan (639.86 billion dollars) were pledged for loans on October 12, according…

More than 637 billion shares worth 4.44 billion yuan (639.86 billion dollars) were pledged for loans on October 12, according to Reuters calculations based on data from China Securities Center and Clearing Co. (CSDC).

Chinese stocks have fallen worse than other stock markets in Asia this year, especially in recent weeks, when global equities stand behind a simmering trade war between the US and China and the prospect of further political tightening of the US Federal Reserve.

There was hardly any noticeable relief on news that the US Treasury Department had refrained from naming China a currency manipulator in its semi-annual report released on Wednesday.

Instead of minutes from the Fed’s 25-26 meeting, which showed every Fed politician interest rate hikes last month, warnings from China’s prime minister that the economy is facing increased pressure down and worries about GDP data Beijing is due to release on Friday on the market .

yuan ended its domestic trade at its weakest close to the dollar since January 201

7.

So far this year, the stock index in Shanghai is down 24.8 percent and the CSI300 has fallen 24.5 percent. Shanghai stocks have fallen by 11.9 percent this month.

Energy stocks were lowered with falling energy prices. CSI’s under-index trace energy stocks were down 4.91%.

The index for the CSI 300 sector was lower by 2.08 percent, consumer cluster industry decreased 2.17 percent, the property index 1.82 percent and the healthcare index 3.89 percent lower.

The fall over the table came after a short repurchase on Wednesday.

Hong Kong exchanges, resumed after a holiday on Wednesday, closed flat on Thursday. Around the region, MSCI Asia ex Japan stock index was weaker by 0.65 percent while Japan’s Nikkei index closed 0.8 percent.

China’s smaller Shenzhen index ended by 2.73 percent and the start page ChiNext Composite Index was weaker by 2.18 percent.

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