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Chinese stock market crash that unsettled nerves across globe is back haunting traders and investors as market plunge highest since June-August crash. China's benchmark stock index slumped sharply in afternoon trade bringing the index more than 6% lower for the day, biggest slump since August 25th, when market crashed -7.7%. However, by closing it recovered marginally to close down -5.5%.
According to National Statistics Bureau of China, Industrial profits slumped in October by -4.6%, second worst reading in 2015. In August profits slumped -8.8% y/y, all time record, which followed 0.1% dip in September.
It must have contributed to the drop coupled with investigations in China's largest brokerage houses. China's largest brokerage house, Citic revealed that it had overstated over the counter (OTC) business by Yuan 1.06 trillion, which is now under investigation from China's securities regulators. Another rival firm, Guosen securities also under investigations.
Today's late afternoon selloffs, like to bring back memories of oil wound, which could crack open further slump as fear takes the best of investors.
