For a third consecutive week China’s stock market has been hosed.
The benchmark Shanghai Composite index lost an additional 5.8% on Friday. Elsewhere the Shanghai Composite’s namesake to the south, the Shenzhen Composite, fell 5.3%%, while the CSI 300, an index of the 300 largest listed firms in Shanghai and Shenzhen, dropped a further 5.4%. The ChiNext index, nicknamed China’s “Nasdaq”, fell 1.7%.
For the week all bar the CSI 300 recorded a loss in excess of 10%. The CSI 300 was spared on this occasion, losing only 9.8%.
Since hitting multi-year highs in June the Shanghai Composite, Shenzhen Composite, CSI 300 and ChiNext indices have lost 28.8%, 33.6%, 27.8% and 35.5% respectively.
Still, putting those losses into perspective, they all remain more than 75% higher than a year ago.