2016-04-20 — marketwatch.com
The Shanghai Composite Index SHCOMP, -2.31% closed down 2.3%, marking its biggest daily percentage drop since late February. It is now down 16% since the beginning of the year.
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"What's most scary is that everyone is guessing about what's the negative news," says Deng Wenyuan, analyst at Soochow Securities, "And this magnifies irrational panic mood."
Bill Bowler, equities trader at Forsyth Barr Asia Ltd. said that once the Shanghai benchmark dipped below the 3,000 level, "the market acted like it hit an air pocket." The benchmark closed at 2972.58.
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