China’s market benchmark soared 150 percent between November 2014 and early June 2015, as cheerleading in the state press encouraged inexperienced investors into the market.
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Japan’s Nikkei 225, along with the Hang Seng in Hong Kong, have also tumbled by about 3% each.
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Among the worst performers, Anglo American dropped 8 per cent, Glencore fell 7 per cent, while Antofagasta shed 5 per cent.
“Concern over the health of the Chinese economy accompanied by spiking tensions in the Middle East have combined to ensure… firm demand for safe-haven assets”, Rabobank strategists said in a note.
The Shenzhen Composite Index, which tracks stocks on China’s second exchange, slumped 6.66 percent, or 153.76 points, to 2,155.15.
The mechanism follows the Hushen 300 Index, which reflects the performance of both Shanghai and Shenzhen traded stocks.
But tensions between major oil producers Saudi Arabia and Iran had pushed up oil prices, which was benefiting oil stocks.
Manufacturing surveys showed Chinese factory activity contracted for a 10th straight month in December and at a faster pace than it shrank in November.
STOCKS in London have plunged on the first day of trading in the new year, dragged lower by market turmoil in China.
Facebook Inc (NASDAQ:FB) stock on Monday’s pre market session lost -2.64% at price of $101.90. The data released Friday showed a persistent contraction in factory activity despite Beijing’s stimulus measures, adding to a downbeat outlook for Asian exporters.
“While today’s unofficial manufacturing PMI hints at some further weakness in the manufacturing sector, other indicators suggest that the economy as a whole held up reasonably well last month”, analysts at Capital Economics said. Global oil benchmark Brent futures gained 3.0 percent to $38.40 per barrel, rising as high as $38.46, its highest since early December.Saudi Arabia executed a prominent Shi’ite Muslim cleric on Saturday. He pointed to the geopolitical situation in the Middle East as a point of concern for market watchers with China having a sizable investment in Iran’s oil industry.
But economists said the new manufacturing data, while disappointing, does not indicate that China is facing a severe or unexpected economic slowdown.
The slide in Chinese stocks and the yuan’s accelerated depreciation drove markets elsewhere in the region deep into the red.
In currencies, the dollar weakened to 118.83 yen from 120.26 yen. The euro stood little changed from the end of a year ago at $1.0851.
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AP researcher Fu Ting in Shanghai contributed.
