l'"indice di borsa cinese" non esiste - gz
By: GZ on Lunedì 05 Marzo 2007 02:42
l'indice cinese a Shangai (ne esiste uno anche a Hong Kong e uno a NY ) cedendo del -10% lunedì sembra aver dato inizio a questa correzione del -5% circa di tutte le borse
Questo è ridicolo se un pensa che l'"indice di borsa cinese" non esiste, è solo un casinò senza regole che in teoria capitalizza 1.4 mila miliardi di $, ma in realtà ha solo 160 miliardi di flottante che è trattato da pubblico o fondi e tutto il resto è in mano al partito comunista cinese (sono tutte società statali controllate, controllate dal partito)
....Although the official market capitalization is $1.3-trillion, most of this amount is in shares that cannot legally be traded until 2008 or 2009 because of rules imposed when they were converted to A-shares, explained Arthur Kroeber, director of Dragonomics Research in Beijing.
Only about $400-billion worth of shares can be legally traded now, he said, and of this amount, only about $160-billion are held by retail or institutional investors.
This means that 60 per cent of tradable shares are controlled by state corporations, government agencies, the police, the army, or large private investors with dubious legal status.
Despite the reforms of recent years, the Chinese market is still riddled with manipulation and insider trading, and it will take at least another 10 years before it reaches any level of maturity, Mr. Kroeber predicted.
“The market prices aren't set by any transparent process,” he said. “The prices of the stocks are unrelated to their value. Nobody really knows who owns the stocks. This is basically the same old casino that it always was.”
Mr. Li recalls that only two or three years ago, economists were warning Chinese investors to stay away from the stock market because it resembled a casino. Today, nobody seems to listen.
“Now look at these old men and women, struggling to pour into the market,” he said, nodding at the people around him in the cramped trading hall. “Did they forget all those warnings? The stock market is like a lion that eats meat, and I believe that most of the newcomers and old people will become meat.”