The Phaserl


CRASH: China’s Stock Market Selloff Accelerates

Shanghai, one of the best-performing markets globally last year, nears bear territory

by Chao Deng, WSJ:

China’s stock markets plunged Friday, a sharp turnaround after a year of strong gains, as investors start to question the sustainability of that breathless rally.

China’s smaller Shenzhen market has fallen 20% from its recent peak, entering bear territory, while the Shanghai market has dropped nearly as much from its high earlier this month.

The Shanghai Composite Index became one of the best-performing markets globally last year after years of dismal performance. This year, it has been up as much as 60%, as local investors—cheered by a series of stimulus measures introduced by China’s central bank last November—have borrowed a flood of cash from their brokerages to invest in the stock market. The benchmark hit its highest level since the global financial crisis on June 12.

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