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Chinese Stocks Are Getting Obliterated
Businessinsider.com
Shanghai’s composite index of the biggest stocks in China just had its worst day since the middle of 2008, when the financial crisis was still getting into full swing.
The index, which was a world-beater last year, just had all of its gains so far this year wiped out in just a few hours: Stocks were down by 7.7% at the close, after dropping by as much as 8.3% during the session.
Here’s how that looks:
Investing.com, Business Insider
The index is still up by more than 50% in comparison to where it was last year, giving some impression of how dramatic the 2014 rally was.
The crash might have been even worse on Monday, but for the fact that Chinese regulators suspend trading in stocks that drop by 10% in value in one day, halting the decline.
It’s easy to see 2014′s stock market surge on a long-term graph of the Shanghai Composite Index, but it’s still way down from the bubble highs seen in late 2007:
