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China shares plunge in record turnover as margin traders take fright
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The central bank's move to mop up excess liquidity in the interbank market was a contributory factor in the sell off
The central bank's move to mop up excess liquidity in the interbank market was a contributory factor in the sell off. AP
China's stock markets plunged on Thursday, with indexes dropping over 6 per cent in record high turnover as investors rushed to sell after more brokers tightened margin trading requirements for clients and the central bank drained money market liquidity.
The CSI300 index and the Shanghai Composite Index both slumped in late afternoon trade, ending down 6.7 per cent and 6.5 per cent, respectively, their worst day since January 19 when markets fell over 7 per cent on an earlier crackdown on margin trading. In terms of points shed, the two indexes suffered their heaviest single day loss since 2008.
read the whole story here:
http://www.copyright link/markets/equity-m...as-margin-traders-take-fright-20150528-ghc3sz
Fell about another 4% today.
