China Halts Stock Trading For Day After Entire Market Crashes

• China Halts Stock Trading For Day After Entire Market Crashes
  by Tyler Durden, www.zerohedge.com 
  Following the initial halt in CSI-300 Futures at the 5% limit down level, the afternoon session opened to more carnage and amid the worst ‘first day of the year’ in at least 15 years, Chinese stocks collapsed further to a 7% crash. At 1334 local time, stock trading was halted for the rest of the day across all exchanges (at least two hours early). As Bloomberg reports,
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  Chinese stock trading was halted for the rest of the day after the CSI 300 Index plunged more than 7 percent.
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  Trading of shares and index futures was halted from about 1:34 p.m. local time, according to data compiled by Bloomberg.
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  Stocks fell as manufacturing contracted for a fifth straight month and investors anticipated the end of a ban on share sales by major stakeholders.
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  Under the mechanism which only became effective Monday, a move of 5 percent in the CSI 300 triggers a 15-minute halt for stocks, options and index futures, while a move of 7 percent close the market for the rest of the day. The CSI 300 of companies listed in Shanghai and Shenzhen fell as much as 7.02 percent before trading was suspended.
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