Bad day as China equities markets sink

Source: Xinhua | 2018-05-24

CHINA’S stocks markets tumbled yesterday despite car parts firms roaring ahead on news that the country will cut auto import tariffs from July 1.

The Shanghai Composite Index shed 1.41 percent to 3,168.96 to notch its largest single-day fall in around a month.

The Shenzhen Component Index fell 1.25 percent to 10,631.12, while the Nasdaq-style ChiNext enterprise board shed 1.6 percent to 1,845.97.

Shares of auto parts firms rose as they rode on the notice by the Ministry of Finance that China will cut import tariffs on cars and auto parts from July 1.

Guangdong Dcenti Auto-Parts Stock Ltd Company surged by the maximum daily cap of 10 percent to 13.61 yuan (US$2.13).

Zhejiang Yueling Co Ltd, which produces and sells aluminum alloy wheel design, increased to 9.86 yuan.