“It’s not good.”
According to DoubleLine Funds’ Jeff Gundlach, that’s really the only thing you can say about the boom and crash of the Chinese stock market.
Even after its 28% crash since its June high, China’s Shanghai Composite Index is still up around 84% from a year ago.
Gundlach, who spoke Tuesday during a webcast for DoubleLine investors, said that the fact that the Chinese stock market is exhibiting “Nasdaq 1999 behaviour” is “far from encouraging.”
In his brief comments, he said that it was unlikely that Chinese stocks would resume their vertical rise anytime soon.
The Shanghai Composite fell 1.3% on Tuesday. This comes as Chinese policymakers intervene in the markets in their desperate attempts to stop the bleeding.
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