China Slumping Small-Caps Haven’t Hit Bottom, GF Fund Says
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Chinese small-company stocks will extend the steepest two-day drop in three months as more companies miss profit estimates amid government tightening, said GF Fund Management Co., China’s sixth-biggest asset manager.
The CSI Smallcap 500 Index fell 1.2 percent to 4,913.50 at the 3 p.m. close. The measure slumped 1.7 percent yesterday, capping a two-day, 3.8 percent retreat that’s the most since Jan. 18. The CSI 300 Index of larger companies lost 2.1 percent during the same two-day period. The ChiNext index of start-up companies dropped to the lowest since October.