Chinese stock trading suspended after steep plunge
Chinese stock trading was suspended Thursday after \"circuit breakers\" kicked in following a steep plunge, in the latest spasm of investor panic on the country\'s volatile markets.
Hong Kong: Chinese stock trading was suspended Thursday after "circuit breakers" kicked in following a steep plunge, in the latest spasm of investor panic on the country's volatile markets.
The official Xinhua news agency said trading on the Shanghai and Shenzhen stock exchanges was frozen for the day after shares tumbled more than 7 percent.
The emergency measures, which took effect January 1, also kicked in on Monday to halt stock trading. Regulators announced in December that they would introduce the circuit breakers, which are aimed at preventing huge price swings.
Beijing has been trying to restore investor confidence after markets plunged in June following huge gains in the preceding year. The market meltdown has prompted a panicked, multibillion-dollar government intervention. The benchmark Shanghai Composite Index tumbled 7.3 per cent to 3,115.89 before trading was halted. The smaller Shenzhen Composite Index slumped 8.3 percent to 1,955.88.