Wiping out $107.8 billion from a stock market

Posted on February 27, 2007
Tags: Asia, Investing |

The beginning of the blowup?

China’s stocks tumbled the most in 10 years on concern the government will crack down on illegal investments, bursting a bubble that helped drive benchmarks to records. “This is the first day when the bears on the index have won,” Liu Yang, who oversees the $421 million China Fund for Atlantis Investment Management (H.K.) Ltd. “It’s very simple to me. After very good returns, the market just wants to take a rest by using any excuse to sell.” Today’s rout wiped out $107.8 billion from a stock market that doubled in the past year, as 249 of the key index’s 300 shares plunged by the 10 percent limit. The Shanghai and Shenzhen 300 Index slid 250.18, or 9.2 percent, to 2457.49.

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One Response to “Wiping out $107.8 billion from a stock market”

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