Shanghai stocks slump below 3500 points!

Shanghai stocks slump below 3500 points!
Mar 27, 2008 02:55
JIMMYB Points: Join Date: Feb 7, 2007 Status: offline	The Shanghai Composite Index slumps below 3500 points after opening at 3541.28 points today. PetrolChina shares dropped about 5.8 percent, which was very close to its issue price. More seriously, China Pacific Insurance' shares dropped below its issue price yesterday. Discouraged by the slide in the stock market, many companies have cancelled their plan to go public. According to Dealogic, 8 companies have cancelled or delayed their plan to be listed in Hong Kong stock market from the beginning of this year. However, there were only 14 companies that cancelled their stock listing plan in past 5 years. It is said that the Hang Seng Index has slided about 18.7 percent from the beginning of 2008. What happened to Chinese stock market? Why did it fall sharply?

Mar 27, 2008 02:55

JIMMYB
Points:
Join Date: Feb 7, 2007
Status: offline

The Shanghai Composite Index slumps below 3500 points after opening at 3541.28 points today. PetrolChina shares dropped about 5.8 percent, which was very close to its issue price. More seriously, China Pacific Insurance' shares dropped below its issue price yesterday. Discouraged by the slide in the stock market, many companies have cancelled their plan to go public. According to Dealogic, 8 companies have cancelled or delayed their plan to be listed in Hong Kong stock market from the beginning of this year. However, there were only 14 companies that cancelled their stock listing plan in past 5 years. It is said that the Hang Seng Index has slided about 18.7 percent from the beginning of 2008.

What happened to Chinese stock market? Why did it fall sharply?

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