What just happened here? Can anybody enlighten me?
Why did the chinese markets just selloff like that? I cant see any news for the selloff.
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SpyderCallOP : I see it now. It is a technical move. The price rejected a long-term fibonacci level.
102689729 : Look at Tencent you will know the news
SpyderCallOP 102689729: OUCH! Another industry being killed by regulation. Happens all of the time. Didn't the government do something like this in the recent past where they limited the amount of time people could spend on online games? What are they saying is the reason this regulation this time?
102640653 : It’s look more like some sort of forced selling or margin call. Maybe it’s just a manipulation move to buy up cheap what u think .
SpyderCallOP 102689729: that looks really bad. I dont remember the whole chinese market falling this much off of regulation news. Am I missing something? Are investors assuming more regulation will be coming soon?
SpyderCallOP 102640653: The selling is really big with Tencent and NTES. I am assuming that tencent and NTES are major allocations within the index so they are bringing it down.
I should say that I think it is convienent that the news was released just as the price of the hang seng tech index was at a long-term fib level. They always time the news so perfectly. So there was selling from the news and selling at this technical resistance level. It is like double selling in a sense.
The market closed for lunch at a weak support level.
102640653 SpyderCallOP: But it seems China market will help out hongkong markets in afternoon maybe. They r cutting deposits rates which should help markets maybe . Look like they dump to buy up quality stocks. Last few days when baba was near dumping it was close to bottom level . Maybe hangseng index is supprted
102640653 : Good luck
SpyderCallOP 102640653: it could bounce off of that weak support I have highlighted. It has been bouncing off of that point for the past 14 days. It will probably do it again. Anything could happen.
HopelessChi : Haha. Isnt it amazing? With such a low spending base and issuing of such news to curb excessive gaming. See destructed again. Cannot predict China next moves. All you know is they are indeed uninvestable and there goes all investors now. Don’t be sorry to miss this market.