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Beitragvon qianqian98 » Mo Jan 28, 2019 8:41 am

Shanghai stocks plunged just over three percent at the open on Tuesday in what dealers described as panic selling Authentic Jordan Akins Jersey , extending a near seven percent rout a day earlier that triggered an unprecedented early close.

The benchmark Shanghai Composite Index slid 3.02 percent, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, tumbled 5.03 percent at the opening.

The Shanghai index slumped on Monday over concerns about the health of the world's second-largest economy after the release of weak manufacturing data Authentic Martinas Rankin Jersey , with the 6.86 percent fall sparking a wave of selling through global markets.

Regulators halted trading early on Monday, the first day a new "circuit breaker" mechanism was in place.

Under the system, a five percent drop in the CSI300 index, which covers both bourses Authentic Justin Reid Jersey , triggers an automatic 15-minute trading halt. A fall of seven percent means the two exchanges are closed for the rest of the day.

"The market is worried that about the new circuit breaker and investors tend to avoid risk when they see uncertainties. There was excessive panic selling after the circuit breaker was triggered yesterday," Haitong Securities analyst Zhang Qi told AFP after Tuesday's drop.

"The sharp falls should only be short term and the market will recover after it calms," he added.

Later on Tuesday morning the Shanghai market had moved into positive territory with the key index up 0.21 percent, or 6.77 points Authentic Benardrick McKinney Jersey , to 3,303.03 but the Shenzhen index was still down 0.94 percent, or 19.93 points, to 2 Authentic Kevin Johnson Jersey ,099.23.

- 'Reduce rushed decisions' -

The market watchdog, the China Securities Regulatory Commission (CSRC), sought to calm the panic by defending the circuit breaker.

"The circuit breaker has a big impact in stabilising the market and its main function is to provide a 'cooling off period' for the market to avoid or reduce rushed decisions made during wide swings," it said in a statement on its verified microblog.

The CSRC said Tuesday that it was formulating regulations on major shareholders' selling Authentic Nick Martin Jersey , but said the rules will be announced "soon", leaving open whether the ban will be lifted in line with the original deadline.

"Monday was the first day that the circuit breaker became effective and people didn?t understand it so well, so it led to panic in the market," Li Daxiao Authentic Julien Davenport Jersey , an analyst at Yingda Securities, told AFP.

"The market will stabilise after it gets used to it," he said.

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