Having staged a tepid bounce on the open, the volatility in Chinese stocks is amplifying yet again. One minute you look major indices have fallen 1%, the next they’ve risen 1%.
It is amazing to watch, and a nightmare to write about.
There is one exception, however. The tech-heavy ChiNext index has plummeted yet again. At one point this morning the index was off nearly 7%, taking its overall losses since hitting a record-high of 4,038 on June 5 to 32.7%.
In recent minutes the index has since “recovered”, trading down “only” 4.9%.
Elsewhere the broader Shanghai Composite is flat while the CSI 300 index is up 0.4%.