中國股市又遇黑色星期二 Shanghai index falls another 7.6 per cent

Chinese stocks suffered another steep decline on Tuesday, pushing the Shanghai Composite below 3,000 points for the first time since December and extending the country’s worst sell-off in almost two decades.

週二，中國股市再度暴跌。上證綜指自去年12月以來首次跌破3000點關口，中國將近20年來最嚴重的拋售行情仍在延續。

The benchmark Chinese stock index sank 7.6 per cent, while the Shenzhen Composite lost 7.1 per cent. The Shanghai market has tumbled 22 per cent over the past four trading sessions, marking its fastest retreat since daily price move limits were introduced in 1996.

上證綜指收跌7.63%，深證綜指收跌7.09%。過去四個交易日，滬市已累計下跌22%，是自1996年出臺漲跌停製度以來的最快下跌。

PetroChina, the country’s biggest company by market capitalisation, fell by the maximum 10 per cent, while ICBC, the largest mainland lender, shed 5.1 per cent. In total, more than 2,000 companies listed across China’s two exchanges dropped by the 10 per cent limit, while only 24 stocks rose.

中國市值最大的企業中國石油(PetroChina)跌停，最大的中資銀行中國工商銀行(ICBC)收跌5.12%。總體來看，中國兩大股市有近2000家企業的股票跌停。

Following a highly volatile session across Asia, the Hang Seng index edged up 0.7 per cent, while the China Enterprises index slipped 1.1 per cent.

在整個亞洲經歷了高度動盪的一個交易日後，香港恆生指數(Hang Seng index)小幅收漲0.7%，恆生中國企業指數(Hang Seng China Enterprises Index)下跌1.1%。

Chinese stocks have plunged over the past week, after the government signalled it would no longer intervene to prop up the market on a daily basis following a two-month operation to halt sliding shares.

上週，中國政府釋放信號，表示不再展開日常的託市干預。消息傳出後，中國股市在過去一週裏急劇下跌。此前，中國政府曾連續兩個月採取措施，阻止股價下滑。

“Confidence in the markets for either domestic or international investors has not been restored and the measures to prevent selling have had limited impact,” said Miranda Carr, analyst at BESI Research, in a note.

必利勝投資銀行研究部門(BESI Research)的米蘭達慍爾(Miranda Carr)在一份報告中稱：“國內投資者和國際投資者都沒有恢復對市場的信心，那些阻止拋售的舉措影響力有限。”

On Monday, the Shanghai index suffered its biggest one day fall since 2007, a move which helped trigger one of the worst sell-offs in global in equities since the financial crisis. However, Tuesday’s fall failed to feed through to the rest of Asia, with markets bouncing in South Korea, Taiwan, and Australia.

週一，上證綜指出現了2007年以來的最大單日跌幅，在一定程度上引發了金融危機以來全球股市的最嚴重拋售行情之一。不過，週二滬市的暴跌卻未能向亞洲其餘地區傳播，韓國、臺灣和澳大利亞股市都出現了反彈。

Meanwhile worsening economic data has fed into fears that China is slowing far faster than previously thought, prompting speculation that the government may announce some form of stimulus measures to boost growth. However, so far China’s leaders have not been forthcoming.

與此同時，不斷惡化的經濟數據也助長了對中國經濟放緩速度遠快於此前預期的擔憂，促使一些人猜測中國政府或將宣佈某種形式的刺激舉措來提振增長。但到目前爲止，中國領導人一直按兵不動。

“While Beijing agonises over what, when and how much to spend, the markets will continue to dive”, said Lim Say Boon, chief investment officer at DBS Bank, in a note.

星展銀行(DBS Bank)首席投資官林哲文(Lim Say Boon)在一份報告中稱：“儘管北京方面爲買什麼、何時買和花多少錢買傷透了腦筋，但市場仍將繼續跳水。”

Shanghai stocks have now given up all their gains this year, with the closing level of 2,964 the lowest finish since December. At one point, the index rose above 5,100 in June, a seven-year high, in a rally that many analysts warned had become a bubble.

滬市已抹平了今年的全部漲幅，2964.97點的收盤點位是去年12月以來的最低收盤點位。今年6月，上證指數一度突破5100點，達到7年高點。當時，許多分析師警告稱，這輪上漲已成泡沫。

Since then, stocks have dropped 42 per cent from their peak, while the average price to earnings ratio of Shanghai stocks has fallen from 20.7 times to 12.2 times. That helped draw in some buyers through the Shanghai-Hong Kong Stock Connect, which saw another $1.2bn of net inflows on Tuesday, the same amount as on Monday.

自那以來，股市已較峯值下跌42%，滬股平均市盈率已從20.7倍降至12.2倍。這幫助吸引了部分買家通過“滬港通”機制入市。週二，滬港通淨流入資金再次達到12億美元，與週一相同。

However, with a p/e ratio of aout 30 times once banks are excluded, some analysts warn that Chinese stocks are still overvalued and likely to fall further now that state support appears to have ended.

不過，如果將銀行股排除在外，中國股票的市盈率仍在30倍左右。部分分析師據此警告稱，中國股票的估值仍然過高，在政府似乎已停止託市的情況下，股市很可能會進一步下跌。