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Mainland shares open lower after National Day holidays

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2018-10-08 15:14:08Global Times Editor : Li Yan ECNS App Download

The Chinese mainland stock markets edged down at opening time on Monday morning, the first trading day after the National Day holidays, as influence from plunging external markets prevails. 

The Shanghai Composite Index opened at 2,768 points, down by 1.88 percent, while the Shenzhen Component Index opened at 8,225.84 points, down by 2.09 percent. 

As of 9:33 a.m. Beijing time, nine stocks slumped by their daily trading limit of 10 percent, with entertainment and medical stocks leading the plunge. 

The Shanghai Composite Index stood at 2821.35 points, up by 1.06 percent, on September 28, the last trading day before the National Day, while the Shenzhen Component Index reached 8,401 points on that day, up by 0.8 percent. 

The yuan's exchange rate also edged down against the U.S. dollar. On Monday, the yuan's reference rate against the U.S. dollar stood at 6.8957, down by 165 basis points. 

By 9:17 a.m. on Monday morning, the offshore yuan edged down by 0.17 percent to 6.9002. 

The recede on the domestic financial markets arrives after the external capital markets experienced a plunge during the National Day holidays. The U.S. stock markets fell during the National Day holiday week, with the NASDAQ-listed shares plunged by 3.21 percent in the past week, while the Dow Jones Industrial Average losing 0.75 percent and 0.68 percent, respectively, on Thursday and Friday. 

The Hong Kong-based Hang Seng Indexes also plunged by 2.38 percent on October 2. 

Experts told the Global Times on Sunday that the plunging global financial markets would drag down the mainland stocks after the National Day holidays, but they stressed that the recent cut on reserve requirement ratio (RRR) would help offset such pressure. 

The People's Bank of China, China's central bank, announced on Sunday that it would cut RRR by 100 basis points for major commercial banks, joint-stock commercial banks, city commercial banks, non-county rural commercial banks as well as overseas-invested banks starting from October 15. 

  

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