China's share index ends year down 65%

Times of London ^ | 12/31/08 | Robin Pagnamenta

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China's share index ends year down 65%

Robin Pagnamenta

China’s stock market became the worst major performing index in the world for 2008, ending the year down 65 per cent.

The annual drop, triggered by a broadening global economic malaise that has punctured China’s unprecedented economic boom, was the biggest in the index’s 18-year history, wiping out nearly $3 trillion in market value — not far off the total value of the country's $3.4 trillion annual gross domestic product.

Shanghai’s benchmark composite Index dropped 0.66 per cent today to end the year at 1,820.8 points.

The index had glanced an annual low of 1,664 points in late October, down from a 2007 record peak of 6,124 points.

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