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Business

China stocks tumble again after short rebound

China has seen its stock market take another dive. Investors agreed a number of reasons were behind the renewed downslide. But in neighboring Japan, a weaker yen against the dollar proved a blessing.

China stocks tumbled more than 6 percent on Thursday, posting the biggest one-day loss in a month.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell by 6.1 percent, while the Shanghai Composite lost 6.6 percent.

Traders cited a confluence of reasons for the slide that came on the back of a temporary rebound in the Chinese stock market.

Analysts said profit-taking, fears of tighter liquidity in the financial system and worries about the

slowdown in the world's second-largest economy

were among the factors that triggered the renewed turmoil.

China looked unimpressed by a late recovery in crude oil prices on Wednesday night which helped drag Wall Street higher at the close after lackluster economic data had weighed on sentiment for much of the session in the US.

Watch video 01:44

Investors worry about China capital outflows

Groping for joint fiscal response

Japan's Nikkei stock index ended up 1.4 percent higher as bulls got the upper hand after the yen had moved away from its recent highs against the greenback, making Japanese exports cheaper.

Market players in Asia are now focusing on a G20 meeting of finance ministers on February 26-27 in Shanghai.

"I think investors are closely watching the G20 for any signs of a coordinated fiscal response [to the recent turmoil]," Credit Suisse Director of Japan Equity Sales, Stefan Worrall, told Reuters.

hg/bea (Reuters, AFP)

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