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China stocks fall on first trading day after holiday: Shanghai Composite down 0.8%, Shenzhen off 2.1%
Chinese equities closed lower on October 8, the first trading day after the week-long National Day holiday. The Shanghai Composite fell 0.79% to 3,811.9 and the Shenzhen Component dropped 2.07% to 12,620.9, with tech shares leading declines.
Why it matters
Chinese equities returned from the week-long National Day holiday to a lower close on Thursday, October 8. Tech shares led the declines as traders faced renewed geopolitical tensions, higher global yields and a looming earnings season that could test still-lofty valuations.
Full report
According to Xinhua, the benchmark Shanghai Composite Index closed down 0.79% at 3,811.9 points on October 8, while the Shenzhen Component Index fell 2.07% to 12,620.9 points.
Market watchers pointed to three headwinds for returning traders: renewed geopolitical tensions, rising global bond yields, and an approaching earnings season that threatens the still-elevated valuations of Chinese tech shares. The technology sector was among the day's worst performers.
The sell-off came as US Treasury yields hovered near 24-year highs, putting broad pressure on richly valued growth stocks worldwide.
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