For­tunes turn to dust as win­ter sets in

China Daily (Canada) - - FRONT PAGE - By CAI XIAO caix­iao@chi­

A 51-year-old woman in­vestor from Zhe­jiang province and a keen cap­i­tal mar­ket par­tic­i­pant for over a decade, is one of the un­lucky ones who saw her for­tunes van­ish amid the wild mar­ket swings.

Jin Jie, who was us­ing an alias as she re­fused to dis­close her real name, said her ex­po­sure in the A-share mar­ket used to be about 1 mil­lion yuan ($161,100). How­ever, the same has now been scaled down to un­der 500,000 yuan.

“It has been a rock bot­tom mo­ment for me. Nor­mally, I am a cau­tious in­vestor and used to have only light po­si­tions in the mar­ket till June. But when the stock mar­ket plunged and the gov­ern­ment came out with a se­ries of fa­vor­able poli­cies, I in­creasedmy ex­po­sure and con­tin­u­ously suf­fered big losses,” said Jin.

Ac­cord­ing to Jin, her ma­jor dis­ap­point­ment is that the gov­ern­ment did not step in when the mar­ket rose to dizzy­ing heights.

“I do not know how to man­age my port­fo­lio as I am yet to re­cover from the mar­ket drub­bing,” she said.

Many in­di­vid­ual in­vestors had sim­i­lar ex­pe­ri­ences like Jin. They joke that they got through a longterm bear mar­ket and suc­cess­fully es­caped be­fore the bull mar­ket col­lapsed, but were buried in the af­ter­math of the gov­ern­ment sup­port mea­sures.

The bench­mark Shang­hai Com­pos­ite In­dex tum­bled to a three-month low as another round of gov­ern­ment sup­port mea­sures failed to al­lay con­cerns that mar­gin trades will keep un­wind­ing at a record pace.

The in­dex closed at 3,507.19 points on Wed­nes­day, plung­ing 32.1 per­cent from the June 12 peak.

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