Chinese state media is urging investors to stay calm following a brutal stock market sell-off this week that has wiped out hundreds of billions of dollars in value.
Chinese state-run newspaper Securities Times published a commentary Wednesday acknowledging the"changes in policy for certain industries" after a market rout on Monday and Tuesday that came as investors reacted to Beijing's widening crackdown on private enterprise."Investors should have confidence in the market," it wrote."A short-term shock does not change the nature of the long-term positive trend ...
"Since the end of the financial crisis, there hasn't been a single two-day decline in the Hang Seng that has exceeded the magnitude of the last two days," the firm wrote in a note to clients Tuesday, referring to the city's benchmark index. Still, there could be"potential for a short-term bounce" as investors"look for opportunity in the weakness," it added.
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