China's shares are overvalued and its bourses are heading for a "dramatic contraction," said Alan Greenspan, the former chairman of the US Federal Reserve Bank. His comments were expected to add to investor anxiety and the "Friday effect" during trade after a volatile session on Thursday, the Hong
Kong Standard reported. The benchmark CSI 300, which
tracks A-shares listed on the Shanghai and Shenzhen exchanges, fell 0.49% to 3,919.75
after swinging between gains and losses. Foreign-currency B shares, open
to both Chinese and overseas investors, plunged for the third straight day
after gaining 70% in the previous three weeks.
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