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Chinese stock dragon finally got hurt this week, however it is still premature to call and end to this massive bull rally.
- As of now, Shanghai Composite is trading at 4687 down from 5174 its recent high. The index is down around 9.5% so far this week. This stands as the worst weekly drop since 2008, when stocks dropped a massive 12.8% on October 10th on that year. The stock market is still up 131% in last 1 year.
- CSI 300's peer, Shenzhen composite which is tech heavy similar to NASDAQ is down more than 10% so far this week. This is biggest weekly drop since 2009.
What could be behind the fall?
- One reason could be IPO listings. On Wednesday $4.9 billion IPO was priced, which might have taken the money out temporarily. With Chinese stock market rising rapidly, Chinese companies have hit the IPO listing accelerator hard. New listings in the market are worth $34.8 billion so far this year compared to total $15.7 billion in 2014.
- Recently, there have been signs of rebound in economic activities such as in housing markets, business sentiment. This could have contributed to the fall to as good news means lesser stimulus from Peoples bank of China (PBOC) and government.
