TAIPEI (Taiwan News) - Over the past year, the Shanghai Composite Index lost a quarter of its value, making it the worst-performing stock market in the world, Bloomberg reported Friday.
The trade war between the United States and China shared much of the responsibility for wiping out US$2.4 trillion (NT$73.6 trillion) during the course of the year, the news service said.
Even safe havens lost ground, with a weak Chinese economy hurting spending and pulling consumer stocks down, while scandals surrounding vaccines and gene editing damaged the performance of health care stocks.
The year’s doldrums even caused China to lose its position as the world’s second-largest stock market to Japan, Bloomberg noted.
While in 2017 all sectors on the stock market recorded gains, this year, all of them ended with declines, the broadest fall since 2011. Utilities were the best off, as the only sector dropping less than 20 percent, or 7 percent, according to Bloomberg.