HK Market: China Broker Golden Sun Securities will remove all shares in ChiNext from qualifying for margin trading and short selling.
Reasons for removal included market volatility, recent ChiNext rally and excessively high PE multiples. Company will also revise collateral ratio of ChiNext shares, with measures effective from today.
The sudden fall in Hong Kong came in tandem with Shanghai Composite, which fell just before the lunch break.
Bloomberg articles cited that the volatility gauge reversed direction 7 times in the morning session, with volatility at its 5-yr high. Tech and industrial stocks led losses, while banks advanced amid optimism govt plans to allow private investment in state banks drawing closer
Overnight, Bill Gross took to Twitter to declare that shares in the Shenzhen are the next big trade for short sellers.
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