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Shanghai, Shenzhen stock markets slumped
www.chinanews.cn 2005-04-26 12:44:14
Chinanews, April 25 - The Shanghai and Shenzhen stock markets once again
had a "black Monday". The main board fell sharply and the Shanghai index
quickly fell through its previous low of 1162 and made a six-year new low
of 1146 before recovering to close at 1157.9, a daily decline of 11.22
points. Some stocks fell by dizzying and unbelievable magnitudes. The
Shenzhen index closed at 282.36, a drop of 4.82 points. The two markets
combined had a turnover of 12 billion Yuan on the day, much more active
than normal.
Analysts reckoned that the re-opening of the IPO market, after a
nine-month hiatus, undoubtedly struck the market hard. The most heavily
weighted stocks in both markets, China Unicom (600050) and Shenzhen
Development Bank (000001) fell sharply, fanning the momentum of
short-sellers. The list of stocks that were falling into a black hole
kept expanding. The number of stocks reaching daily maximum decline
limits or about to totalled nearly one hundred at one point.
At present, investors are most concerned with the question, "At what
level will the stock indexes bottom after making today's new lows?"
Judging from the number of stocks, at one point as many as eighty, that
fell more than 9% to reach the daily limit, the bottom would be a way
off. The beginning of the restructuring of the stock markets will exert
even more downward pressure on prices. Even though investors may not see
further sharp declines of the overall indexes, but they may step on "land
mines" and sustain sharp losses on individual stocks. In the near term,
most investors would face this possible scenario and therefore would lack
confidence.
E-mail: zhangqinghua@chinanews.com.cn Tel: 8610-88387443 Fax:
8610-68327649
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