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Chinese shares tumbled by over 6.74 percent yesterday as the market recorded its biggest daily drop in 14 months.
The benchmark Shanghai Composite Index lost 192.94 points to close at 2667.74 points, while the Shenzhen Component Index dropped 7.55 percent to 10585.08 points.
The leading indicator has fallen nearly 21.8 percent in August, the second-biggest monthly decline in 15 years, as the curbs on lending and the new share supplies compound the drop in liquidity
"We believe that the plunge since early August, after the 103 percent gain since late 2008, was triggered by excessive fears of aggressive policy tightening, while the fundamentals remain intact," said Qian Wang, JP Morgan's China economist, but added that the implication for the real economy is modest.
"I did not expect equities to plunge as most of the companies have come out with string earnings numbers," said 61-year-old retiree Liu Fengming, with a perplexed look on her face.
Liu, who has put over tens of thousands of yuan from her own savings in the stock market since 2001, said she would hold the money and wait.
"I am confident that the market would stabilize after yesterday's carnage, but nobody is willing to take risks by testing the waters at this moment."
Marketmen, however, feel that it may take some time for the confidence to recover due to the absence of any positive triggers, said Yao Rong, a fund manager at Shenzhen-based Dacheng Fund Management Co Ltd.
But Yao added that share prices would now come to realistic levels and hence would be an ideal time for funds to increase their portfolio holdings.
Questions:
1. Yesterday’s plunge on Chinese stock markets was the biggest one day drop in how long?
2. According to a JP Morgan China economist the plunge was related to what issue?
Answers:
1. 14 months.
2. Fears that the central government would tighten monetary policy and lending.
（英語(yǔ)點(diǎn)津 Helen 編輯）
Brendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op'Ed pieces with a China focus that feature in the Daily's Website opinion section.
He received his B.A. and Post Grad Dip from Curtin University in 1997 and his Masters in Community Development and Management from Charles Darwin University in 2003. He has taught in Japan, England, Australia and most recently China. His articles have featured in the Bangkok Post, The Taipei Times, The Asia News Network and in-flight magazines.
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