Many were eager for China’s stock market to open on Monday, but were left disappointed by a series of crashes.
Both the Shanghai and Shenzhen exchanges were affected, with the former opening at 3,016.70 (1.7% down from its 3,186.41 closing rate), and the latter opening at 1,934.42 (2.2% down from the Friday’s 1,978.72 closing rate). It’s worth bearing in mind that no matter how detrimental Monday was in the stock market, on the Thursday before it went from bad to worse in a matter of minutes. Trading was halted for the entire day after the CSI300 tripped. This crash, which affected over 300 stocks on both the Shanghai and Shenzhen stock exchanges, was caused by trading being halted after just 15 minutes.
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The fears surrounding the financial situation in China are doing little to reassure investors, according to an article from Reuters. Ken Polcari, Director of the NYSE Floor Division at O’Neil Securities in New York stated that “there is cautiousness about the earnings season…after investors see the first few reports of the season, they will start to feel more comfortable – or not“.
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