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China stocks end week on a high
China wraps up a highly volatile trading week after multiple measures of regulatory support go into effect in an attempt to stem an all-out crash in the markets. Tara Joseph reports.
One heck of a week in China's emerging and volatile stock market.
After many mom and pop investors watched their savings rapidly decline early in the week, by Friday (Jul 10) signs of a fragile rebound.
Overall, Shanghai's benchmark index gained 4.5 percent on Friday (Jul 10), posting its first weekly gain in over a month.
"This week has been a real test case to see how China copes with the opening up of its capital markets. But although regulators stepped in to prop the market back up, it's still far too early to tell whether the savage market correction is over."
After plunging by as much as 30 percent in less than a month, the market is now heavily distorted by that fact that over half of China's listed companies have halted trading.
That comes on top of heavy-handed regulators spurring brokers to go and buy and outlaws shareholders from selling for at least six months.
Another growing worry is that the heavy stock losses will now feed into the greater economy which is already facing a slowdown.
That includes the property sector which accounts for about one-fifth of China's economic growth.
Maybe some comfort to end the week of trade on a positive note, but China's erratic markets are not out of the woods yet.
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