Glitches happen.
From Bloomberg, September 27:
- Trading delays remain for some in afternoon session: traders
- Similar scenario seen during 2015 rally, says Camel Asset
China’s long-awaited stimulus measures may have been too much for the markets to handle.
With shares soaring and turnover reaching 710 billion yuan ($101 billion) in the first hour of trading on Friday, Shanghai’s stock exchange was marred by glitches in processing orders and delays, according to messages from brokerages seen by Bloomberg News. The Shanghai Stock Exchange is investigating reasons for delays, it said in a statement.
The Shanghai Composite Index stayed roughly unchanged from 10:10 a.m. for about an hour even as the Shenzhen composite gained 4.4% over the period. As trading resumed, the Shanghai index surged.Some continue to experience delays in getting orders through in the afternoon session, multiple traders told Bloomberg News. Onshore turnover was fairly muted after 1 p.m. local time.
“I only recall a trading delay like this one during the 2015 rally, but generally it sends a positive signal,” said Du Kejun, fund manager at Shandong Camel Asset Management Co. “While it was but a small disruption to our trading, it would have been a big annoyance for firms that were eager to increase their positions today.”
China’s stock markets erased losses for the year, following a blitz of stimulus measures introduced this week. That has sparked a frenzy of trading, with the volume turnover nearing 1 trillion yuan in the morning session. That’s more than the total for a full day seen in recent months....
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The CSI 300 index ended the day at 3,703.68 up 158.36 (+4.47%) for the day and up 15.71% for the week. We should probably begin our long-threatened pivot to cat videos, It is doubtful we will have another market call as timely as last Sunday's Chief Economist of Bank of China International—"Xu Gao's case for stimulus":
This is it. I would assume that he is speaking for the Bank (BOCI) with approval from the Party and the government....
in my lifetime.
