A Chinese investor tracks the price development on an electronic scoreboard. | © ChinaFotoPress / Getty Images
The decline in China’s stock exchanges has continued to accelerate despite massive government intervention. The benchmark index in Shanghai was the start of trading with up to 8.2 percent in the red. According to the Bloomberg news agency that the largest price drop was since 2007. The stock market in Shenzhen-listed temporarily almost five percent lower than the previous day.
The person responsible for the Chinese stock markets supervisor spoke of a panic. The shares of more than 1,300 companies were suspended from trading. Shares worth the equivalent of 2.6 trillion dollars are traded in order not currently. This corresponds to 40 percent of China’s total market capital. The Fed announced that it would monitor developments closely and to take stabilization measures.
The Tokyo Stock Exchange recorded because of course Rutsches in Shanghai, Shenzhen and Hong Kong as well as the progress of the Athenian drama debt losses. The Nikkei index of 225 blue chips was down by 638.95 points or 3.14 percent into the red. The closing level was 19,737.64 points – the first time since mid-May was the Japanese stock market barometer below the 20,000-point mark from trading. The broader Topix index fell 54.75 points or 3.34 percent to 1582.48 points.
After the speculative and often leveraged stock market boom of the past few months, the indices in Shenzhen and Shanghai have since mid-June more than one-third of its value lost. The Greek crisis plays to the largely foreclosed Chinese markets is not relevant, but in Hong Kong is the tug of war in Europe, coupled with concerns about China’s market still under pressure. The Hang Seng Index initially lost more than four percent. In Tokyo, the Nikkei index by 1.5 percent gave way.
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