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The turmoil in China's stock market is so bad that some companies are calling it quits.
Over 700 Chinese companies have halted trading to "self preserve," according to the state media. That means about a quarter of the companies listed on China's two big exchanges -- the Shanghai and Shenzhen -- are no longer trading.
According to Bespoke Investment Group, China's stock markets have now lost $3.25 trillion. To put that in perspective, that's more than the size of France's entire stock market and about 60% of Japan's market.
originally posted by: reldra
a reply to: greencmp Selling from pension funds has been made illegal. Not all selling of stock, there is were the 25% comes from.
Chinese companies have found a guaranteed way to prevent investors from selling their shares: suspend trading.
Almost 200 stocks halted trading after the close on Monday, bringing the total number of suspensions to 745, or 26 percent of listed firms on mainland exchanges, according to data compiled by Bloomberg. Most of the halts are by companies listed in Shenzhen, which is dominated by smaller businesses.
The suspensions have locked up $1.4 trillion of shares, or 21 percent of China’s market capitalization, and are becoming increasingly popular as equity prices tumble. If not for the halts, a 28 percent plunge in the Shanghai Composite Index from its June 12 peak would probably be even deeper.
originally posted by: EA006
a reply to: BattleStarGal
Looks like the Chinese markets are under attack.
i wonder who could be behind it?
Everything that happens in the world is now blamed on the US on ATS.
According to those same people the US is a nation full of dumb 'mericans...so what does that make the rest of the world?