BEIJING — Unprecedented steps aimed at propping up Chinese investor
confidence failed to stop the country's main stock markets from tumbling
yet again on Wednesday.
Within the first hour of trading some 1,400
companies — representing more than 40 percent of China's stock market
cap — had suspended trading. Some were frozen before the opening bell
after petitioning the government while others quickly met the 10-percent
daily limit on losses.
Since the crisis began over three weeks ago,
China's Shanghai and Shenzhen Composites have lost more than 30 percent
and 40 percent of their value respectively, adding up to $3 trillion
dollars in equity lost.
"There is a mood of panic in the market and a
large increase in irrational dumping of shares, causing a strain of
liquidity in the stock market," China's Securities Regulatory Commission
said in a statement.
Full article and accompanying videos available here: China Markets Crisis
No comments:
Post a Comment