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Daily Scan: Asia closes its worst quarter since 2008, China autos soar

By NexChange
Capital Markets

Updated throughout the day 

September 30

Good evening. The bell has rung and China's stock markets have posted their worst quarterly losses since 2008, despite finishing in positive territory. The CSI300 - an index of the largest companies on the Shanghai and Shenzhen markets - lifted by a modest 0.8%, and the Shanghai Composite edged up 0.5%. These modest gains pale into insignificance against the roughly 29% both bourses have lost since the start of July.

China's auto industry was the biggest winner in the quarter after the government halved sales tax on small-engine cars. Changan Auto, Great Wall Motor, and SAIC Motor surged 9.99%, 10.02%, and 3.94% respectively.  However. Beijing's recent stimulus efforts do not erase the fact that China's auto industry has had its worst year since becoming the world largest in 2009.

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