Chinese Stock Market’s Olympic Specialty: Tumbling
From Los Angeles Times:
Many Chinese investors had hoped the Olympics would give a boost to their nation’s sagging stock market. So far, just the opposite has happened.
The benchmark Shanghai composite index tumbled 5.3% on Monday, falling for the sixth time in seven trading sessions. The index has plunged 15% since the Beijing Games opened Aug. 8, and it now stands at 2,320 — down 56% since the start of the year, making it one of the worst performers in the world.
“Everybody said the market would turn [positive] in July before the Games, so we listened and stayed in it,” said a retired textile worker surnamed Gu, her 70-year-old eyes fixed squarely on the stock tote board at Haitong Securities in Shanghai. “In July, they said that the market’s spirit would return when the Olympics came. What spirit is that? Now we are all dead and have no spirit left in the market.”