Shanghai equities are the cheapest they have ever been relative to forecast company earnings, highlighting the extent to which Chinese investors have lost their appetite for stocks.
The Shanghai Composite index, which dropped 1.1 per cent on Thursday, is now valued at 10.9 times forward earnings, the lowest level on record, according to data compiled by Bloomberg. On current earnings, the index is also at record lows with a price-to-earnings ratio of 12.6.
The index has fallen 15.8 per cent since the start of the year and is down 60 per cent from its boom-time peak in October 2007.
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