China's 29 Minutes of Chaos: Stunned Brokers and a Race to Sell
Trading halted after 7% rout triggers new circuit breakers
"We are dealing with a flood of phone calls from clients"
Even by the rough-and-tumble standards of China’s stock market, it was a chaotic 29 minutes.
With share prices going into free fall almost as soon as local exchanges opened, market gurus at Huaxi Securities Co. were at a loss to explain why. One manager of $46 million in Shanghai liquidated all his holdings. Other investors, including a top-performing hedge fund, tried in vain to cash out as circuit breakers brought trading to an abrupt halt.