The speculative nature of China's equities markets was on full display yesterday as 20 of the 28 stocks on the newly-launched ChiNext market fell by the 10 per cent daily limit on their second day of trading.
On their debut last Friday, all 28 stocks gained between 76 per cent and 210 per cent and pushed price to earnings ratios as high as 150.
“The rollercoaster ride in the first two days of trading tells you just how speculative the market is,” said Jerry Lou, chief China equity strategist at Morgan Stanley. “It looks like a pretty risky place to put your money, especially for retail investors.”
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