CHINA STOCKS NOSEDIVE: 1,287 Stocks Frozen – 45.6% of Shanghai, Shenzhen Stocks!
1,287 Chinese stocks are currently frozen – 45.6% of Shangai/Shenzhen stocks!- Equal to $2.5 TRILLION
Amazing stat: 1,287 Chinese stocks are currently frozen (45.6% of Shangai/Shenzhen stocks!), equal to $2.5 TRILLION. http://t.co/wtfqI7saXF
— Steve Kopack (@SteveKopack) July 8, 2015
$100 billion of market value wiped out.
The past 5 sessions has seen over $100 BILLION of market value wiped from China H-shares
— David Ingles (@DavidInglesTV) July 8, 2015
China markets crashed the most since 2007 this week.
Chinese stocks dived on Wednesday after the securities regulator said the tumbling stock market in the world’s second-biggest economy was in the grip of “panic sentiment” as investors ignored a battery of support measures from Beijing.
Amid signs of the market freezing up as companies scrambled to have trading in their shares suspended, the People’s Bank of China said it was watching closely and would guard against systemic regional financial risks.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 5 percent in early trade, while the Shanghai Composite Index was down 4.3 percent. Both indexes had plunged around 8 percent at the market open.
Around 30 percent has been knocked off the value of Chinese shares since mid-June, and for some global investors the fear that China’s market turmoil will destabilize the real economy is now looming as a bigger risk than the euro zone crisis.
“Today is all about China, with Greece in the background now that it’s been given a new deadline,” said Ayako Sera, senior market economist at Sumitomo Mitsui Trust Bank in Tokyo.
UPDATE: Trading halts have left 1544 companies, equivalent of 54.7% of the Shanghai Composite and Shenzhen Composite, suspended today. (@GregorHunter)