Shanghai down almost 50% in 5 months!

Taking a high of 6124 last October 16, 2007, the Shanghai Composite Index is now down to 3329 as of today's close.  That's already a 45% drop!  Who ever said that stocks will not go down because it's an Election Year (for the USA) and because its an Olympics Year (for China).  Although the year is not yet over, this is clearly one for the stock myths.

This cumulative drop makes the SSE's 9% drop in last February 2007's Shanghai surprise seem like a walk in the park! 

With more articles from chinadaily.com 

 Chinese shares dive 4.13% for tightening fears

BEIJING — Chinese shares nosedive 4.13 percent on Tuesday after central bank vowed to continue tightening monetary policies.

The benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 3,329.16, down 143.55 points, or 4.13 percent, from the previous close, and the lowest as of last April.

The Shenzhen Component Index on the Shenzhen Stock Exchange concluded the daily trading at 12,460.62, down 841.52 points, or 6.33 percent, over the previous trading day.

The Hushen 300 Index tracking the performance of both Shanghai and Shenzhen stock exchanges closed at 3,582.86, down 207.68 points, or 5.48 percent.

Combined turnover on the two bourses reached 109.26 billion yuan (15.60 billion US dollars) (or 639,600,000,000 pesos that's 639 Billion!) on Tuesday, a lightly higher than that of Monday.

Tuesday saw more than 200 stocks falling by their daily limit of 10 percent.

 

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