Asian sell-off continues but Dubai Financial Market holds firm

Chinese shares lead a fresh sell off of equities across Asia on Tuesday, as markets in Shanghai and Shenzhen shrugged off government attempts to stabilise prices.

The Shanghai Composite, which plunged 6.86 per cent on Monday, was trading down a further 2.5 per cent in late trading on Tuesday, in spite of a spate of share purchases by Chinese government funds intended to shore up prices.

The Hang Seng of Hong Kong was around 1 per cent lower in late trading, while Japan’s Nikkei closed 0.42 per cent lower. South Korea’s Kospi however closed up 0.61 per cent.

Worse than expected Chinese manufacturing data sparked a global sell of shares on Monday. The S&P 500 closed down 1.53 per cent, with Germany’s Dax plunging 4.28 per cent.

Arabian Gulf bourses saw muted trading on Tuesday morning.

The Qatar Exchange was the early mover during the early session, trading around 0.65 per cent lower 45 minutes after its open.

The Dubai Financial Market General Index trading around 0.2 per cent lower, with gains by Amanat Holdings and Amlak Finance cancelled out by Emaar Properties and Dubai Islamic Bank.

Abu Dhabi’s headline index opened little changed.

Crude oil futures were similarly quiet in early trading, Brent crude futures trading up a few cents at around $37.26 a barrel.

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