China Shares Tumble 8.5% on Growth Concerns
Posted by feww on July 27, 2015
Roller coaster ride continues for Chinese shares
A sell-off toward the end of the trading day Monday has sent shares in mainland China tumbling down by a record 8.5 percent, its biggest fall since February 2007.
The Shanghai Composite closed down 8.5 percent, a fraction above 3,725, as more weak economic data on the world’s second largest economy made investors jittery.
Data released on Friday showed that factory activity this month was at its worst since April 2014.
On Monday, new data showed that profit at China’s industrial firms had dropped 0.3% in June from last year, forcing at least 1,500 stocks listed on Shanghai and Shenzhen markets to nosedive by 10 percent—their allowed maximum daily limit.
Chinese investors ought to be told that the “American dream” is a big scam because it’s neither morally nor ecologically sustainable.