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China Halts Stock Trading After 7% Rout Triggers Circuit Breaker


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From Bloomberg ;

Chinese stock trading was halted for the rest of the day after the CSI 300 Index plunged more than 7 percent.

Trading of shares and index futures was halted from about 1:34 p.m. local time, according to data compiled by Bloomberg. Stocks fell as manufacturing contracted for a fifth straight month and investors anticipated the end of a ban on share sales by major stakeholders.

 

Under the mechanism, which only became effective Monday, a move of 5 percent in the CSI 300 triggers a 15-minute halt for stocks, options and index futures, while a move of 7 percent closes the market for the rest of the day. The CSI 300 of companies listed in Shanghai and Shenzhen fell as much as 7.02 percent before trading was suspended.

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