Chinese aandelenbeurzen fors in de min

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Chinese stock markets tumbled again on Wednesday as a range of government measures aimed at preventing a further nose dive in share prices had no impact.
The Shanghai Composite Index closed down 5.9%, while the Shenzhen Component Index fell to close down almost 3%.

Within 10 minutes of trading on Wednesday morning, a wave of listed companies across China’s two stock markets had dropped by the daily limited of 10% and had their shares automatically suspended. About 1,400 companies, or more than half of those listed in Shanghai and Shenzhen – filed for a trading halt in an attempt to prevent further losses. This suspension is likely to last “until the market is stabilised and liquidity is returned to the market”, said Chen Jiahe, chief strategic analyst with Cinda Securities.

China’s securities regulator said there was “panic” in the stock market with irrational selling off increasing and “leading the stock market to a situation of intense liquidity”.

Dit zat er overigens al een tijdje aan te komen:

But why are China’s stock markets partying like it’s 1999? Well, part of it is that China’s housing bubble might be bursting—new home prices fell 5.1 percent in January—and the only other place people can put their money is in stocks. Another part is that China’s state-owned media companies have been saying for months that stocks look cheap, and people are listening. Especially people who haven’t graduated from high school. Indeed, 67 percent of China’s new stock investors don’t have a high school diploma. And now that China has cut interest rates so much—and looks like it will keep doing so—they can borrow money to buy as many stocks as they want. And that’s a lot. So-called margin accounts, which let people do this, more than doubled in 2014, and, even though brokerages have tightened their terms a bit, they’re still growing.

So whether you want to call this a boom, a bull market, or a mania doesn’t really matter. A bubble by any other name will pop just as much.

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