China stocks rout extends, SSEC – 4%

FXStreet (Mumbai) – Asian markets extended their sell-off after Chinese markets witnessed the biggest drop since 2007 on Monday triggered by renewed problems in the world’s second biggest economy on poor China economic data.

The Japanese benchmark Nikkei 225 loses -0.88% to trade at 20163, tracking losses on Wall Street overnight despite positive durable orders goods in June, as the heavy punch from China drove stock indices lower.
While benchmark Australian S&P/ASX 200 index edged -0.82 lower at 5544 points, with miners weighed on lower gold prices.

While Chinese stock market rout extends on Tuesday with Hong Kong’s benchmark Hang Seng index marginally lower at 24337 while mainland China’s benchmark Shanghai Composite plunging -4.09% to trade at 3573.14, after plummeting over 8% on Monday.

SSEC Technical Levels

The index has an immediate resistance stands at 3725.43. Meanwhile, support is seen at 3500 levels and from here to 3421.

Asian markets extended their sell-off after Chinese markets witnessed the biggest drop since 2007 on Monday triggered by renewed problems in the world’s second biggest economy on poor China economic data.

(Market News Provided by FXstreet)