The Largest Decline In A Shares Was &Nbsp; &Nbsp; &Nbsp; The Ministry Of Finance Raised Rumor Last Night About Stamp Duty.

The Asian Games have not yet opened.

Last night,

11 / 12 crash

Review of disk

Yesterday, the two cities opened up in a low jump, the stock index was plunged and the stock fell down. After ten o'clock, the petrochemical double male "performance" rapidly pulled up. China Petroleum rose more than 4% in the intraday oil market. The stock index immediately hit the bottom and rebounded once, but the "two barrels of oil" continued to cause the market divergence. The whole sector turned green, the market crowding out effect appeared, and the stock index came down again quickly, and then fell down again two times.

In the afternoon, the two cities fell, and the Shanghai stock index dropped more than 150. Click through the 3000 point integer pass.

The Shanghai stock index closed at 2985.43 points, down 162.31 points, or 5.16%, and clinch a deal of 298 billion 406 million yuan.

The stock index fell the largest single day decline since August 31, 2009.

Shenzhen composite index fell nearly 1000 points, closed at 12726.54 points, or 7%.

The two cities had more than 150 limit stocks, and 350 stocks were on the verge of a down limit, or more than 9%, and nearly 1000 stocks fell by more than 7%.

All day, up to 53 billion 700 million yuan of funds left the field, creating the largest single day net cash flow in the year.

Among them, the net outflow of institutional capital was 25 billion 709 million yuan, and the net outflow of retail funds was 27 billion 942 million yuan.

Almost all sectors of the industry were panic selling.

11 / 12 crash

Interest rate puzzle

The central bank is uncertain whether to raise interest rates in the year.

On the evening of November 12th, Ma Delun, deputy governor of the central bank, first interpreted the concept of "pool" proposed by Zhou Xiaochuan in Shanghai. He said: "Chi Zi" refers to a series of policy combination measures including the adjustment of the deposit reserve ratio.

In the first two days, central bank governor Zhou Xiaochuan's concept of "pool" is a hot topic in finance and economics.

He said that we should put the hot money into the pool, and let it go from the pool when the "hot money" needs to be withdrawn.

Many people think that this "pool" refers to the stock market.

Ma Delun's statement seems to be a negation of this speculation, but it is not too clear.

When asked whether interest rates would increase during the year, he said that according to the situation, "it is hard to say at the moment."

11 / 12 crash

Seven factors

There were many factors in yesterday's collapse, and the most direct one is the stamp duty increase rumors.

A shares have accumulated a lot of bad profits after rising day by day.

But last night, the Ministry of Finance had said it would not raise stamp duty.

Please look at the seven drop factors and credibility analysis summarized by our reporter.

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Possible index:

[information] market rumors that stamp duty on securities pactions will be raised or levied on the bilateral market in recent days or even this weekend.

Wu Xiaoqiu, director of the finance and Securities Research Institute of Renmin University of China, also said that there was no reason to adjust stamp duty at this time. First of all, the market itself did not appear to be a problem, but it was still healthy.

Second, stamp duty should not be used as a means to increase revenue.

Finally, the capital market itself needs development and needs a stable tax environment.

[comment] Wu Xiaoqiu spoke very well, and the Ministry of finance also clarified that investors should not be suspicious again. The credibility of this factor should be 0 stars.

However, in 2007, there was a famous "5. 30" night bomb "precedent", leaving behind a star.

Commodity index futures tumbled

Possible index:

[information] the commodity futures market fell yesterday, and 12 commodities were down.

Stock index futures plunged late yesterday morning and continued to fall in the afternoon, with the main contract falling more than 7.5%.

[comment] after the "eleven", the stock market has been strong, and it has been accompanied by the rise of commodities, and the two have a certain correlation.

Qin Hong, an analyst with investment in gold, said domestic commodity futures prices fluctuated sharply, making the market worry about the trend of A share market.

The synchronized fall of stock index futures is consistent with the rule of mutual influence between stock market and stock index futures in capital market.

Recently, the US dollar has rebounded.

Possible index:

[information] Li Guang, Secretary General of Guangdong Association of listed companies, believes that the decline of the US dollar is the foundation of this round of stock market rise. If this factor has changed, the question of us quantitative easing monetary policy at the G20 meeting has become the external cause of A shares falling.

[comment] Tan Yaling, executive director of the China Association for international economic relations, said that the US dollar's fall caused by the second round of quantitative easing policy has not yet reached the bottom.

For yesterday's stock and futures market decline, she believes that there is nothing to do with macro policy, mainly because of technical reasons.

Early cumulative profit taking

Possible index:

[information] the stock market has risen for many days, and profit taking has accumulated a lot, causing a sharp fall.

[comment] Qin Hong, an analyst with investment in gold, said Sinopec and other changes caused the market to have the idea of pulling index shipment. So the short selling power of the A share market has been continuously released.

Interest rate expectations and tightening concerns

Possible index:

[information] in recent CPI, the central bank "raised interest rates in one month and raised the reserve ratio of two banks", which is considered to be a monetary policy or a turning signal.

[comment] GF Securities analyst Wan Bing said that the increase in the deposit reserve ratio is not a bad thing. There will still be some precipitating funds such as interest rate increases, central bank bills, and measures to curb inflation. Yesterday's slump was a series of psychological effects.

Take the opportunity to wash the dishes and digest the pressure.

Possible index:

[information] since the more than 2600 point, the cumulative profit margin pressure has been rising. Taking advantage of the above rumors, we have taken the opportunity to "wash the dishes".

[comments] Zhang Hongbo, chief strategist of Wells Fargo fund, believes that the fundamentals of the economy are supported. He is optimistic about the first quarter of next year.

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Debt deterioration in some European countries

Possible index:

[information] recently, Asian countries' capital controls and the worsening debt crisis in the eurozone periphery countries, such as Ireland and Spain, have increased the risk of fund risk.

[comment] the possibility is relatively large, and the Japanese stock market also fell sharply yesterday because of the debt crisis of the euro countries and the capital controls of Asian countries on "hot money".

11 / 12 crash

Strange phenomenon

Investors say: "two barrels of oil" can help you become a stock god.

China Petroleum and Sinopec "two barrels of oil" these two days are frequent.

The day before the end of the diving, some investors pointed out that the oil pan touched the price of "shielding shipment", and yesterday's large plate, PetroChina, Sinopec at the same time, at the same time the test board, the result fell a terrible day.

Reporters found that investors have already circulated this argument, PetroChina is the most accurate stock market forecaster, when it runs to the limit, you run quickly! Yesterday's crash, stock commentators began to say: "in PetroChina once again successfully predict the market trend after the summit."

Although it is a joke, but reporters access to information found that there really is such a sign.

PetroChina will not have to say that the last round of the stock market saw a sharp fall in the stock market, and it would have a great deal of credit.

Sinopec is also unwilling to lag behind. Let's look at the trend of the whole market after the Sinopec's trading.

In May 12, 2006, Sinopec was trading at a time limit, and the stock market was adjusted for nearly 5 months.

In January 9, 2007, Sinopec closed up, followed by a 3 month adjustment.

In May 31, 2007, Sinopec's trading limit was adjusted for more than 1 months.

In October 15, 2007, the stock index began to take a long way down.

In November 19, 2008, Sinopec closed up and then experienced a wave of adjustment.

11 / 12 crash

Contrast 5. 30

But in fact, the single day drop is only seventeenth of history.

Yesterday's crash, because of the "stamp duty" shadow, even let many eligibility shareholders think of the 2007 "thrilling 5. 30" crash.

Is the situation so serious? Let's make a simple comparison of the two falls.

Before the "5. 30" crash, the Shanghai Composite Index rose 1580 points, or 58%, in 3 months.

Shenzhen Composite Index rose 6600 points, or 85%.

The reason is that the Ministry of Finance announced the increase in stamp duty and the central bank's interest rate hike.

The result of "5. 30" was that the index continued to rise after two months of adjustment, and finally the Shanghai Composite Index rose to a record high of 6124 in October 15th.

But from then on, the stock index began to drop and fall, and fell to the "bottom" of 1664 points.

Before the "11 / 12" crash, the Shanghai Composite Index rose 37%.

Shen Shen index rose 55%, the reason is that the market rumors will increase stamp duty, while there is a strong interest rate hike expectations, which is still somewhat similar.

However, the data of stock market since 2007 have been found by reporters. Yesterday's plunge is actually only the seventeenth place in history.