A-Stock Express: A Blacker Tuesday
A-Stock Express: A Blacker Tuesday
Chinese stock market plunged for the second day. Shanghai Stock Exchange Composite Index was down 7.22 percent, 354.69 points.
This is the historical record for the biggest drop in a day for SSE.
Of the 98 percent of stocks sold-off, 1000 stocks sank 10 percent (the stock will be suspened if the stock's drop is more than 10 percent.).
"We are back to August," said a senior analyst at cnstock.
1000 points, 18 percent has disappeared since the 16th of January.
The heavy-weight stocks that led the sell-off were the "well-known star" PetroChina. Its stocks has been selling-off since the initial public day on the 5th November, 2007. The price is down to Y25.6 from Y48.6.
The second largest trading partner, the US's S&P 500, Dow Jones Industrial Average and NASDAQ Composite Index are setting the worst-ever records one by one.
No one doubts that the US's recession will badly hurt the global market.
The fall is serious for three reasons, said Ian Bright, from Pali International:"the extent of the fall, the breadth of the fall, and the fact that we cannot be sure how the reorganization of the finance industry in the US and around the world is going to be."
Experts have lost their way.
What will Wednesday be like? Will you keep playing the game?
Tags: stock marketPOSTED IN: Doing Business in China
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