P.M. BRIEFING : Shenzhen Exchange Drops 30%
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HONG KONG — The stock exchange in the southern Chinese city of Shenzhen, launched in 1987 as an economic “experiment,” has plunged 30% since the end of 1990, the China News Service said today.
“Experts regard a drop of 30% as a collapse,” it said, noting that profit taking had escalated to panic selling.
Shenzhen’s “experimental market” had jumped more than 30% in the fourth quarter of 1990 as funds from other parts of China poured in. Official estimates showed that about 30 million yuan ($5.7 million) worth of Shenzhen’s five listed stocks had changed hands daily in December at 11 makeshift over-the-counter markets across the city.
The Shenzhen municipal government implemented several measures to reduce the volatility of the stocks and to halt speculation but failed, China News Service said.
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