China’s benchmark CSI 300 index slid a further 3% during Monday trading, after struggling under the added pressure of a pullback in US markets.
This marked the end of a dismal month for the large-cap index, which has now lost over 10% in October and 24% for the year, according to the Financial Times.
Some big-name stocks, such as spirits maker Kweichow Moutai, appeared to dent market confidence after their prices went south on Monday. Moutai fell the maximum 10% allowed within one day before trading of the stock ceases, prompting a sell off of similar luxury and consumer brands.
China has rolled out a series of stimulus and protective measures in recent weeks to restore market confidence, including bailout packages and relaxing of restrictions on insurance companies investing in the stock market.
China’s securities regulator denied any stock sell-offs by the so-called “national team” of state financial institutions. “The fact is that stocks that the relevant institutions own have not only not decreased but on the contrary have increased,” said the regulator.