After the index's decline expanded to 8%.
The last half hour of trading time had become meaningless.
Because out of over 2700 stocks in the entire market, the number of stocks that didn't hit their lower limit was not many, and funds willing to take on purchases at this time were even fewer.
This half hour, for the vast number of investors already locked into the lower limit and unable to trade,
was a torment like torture.
However, this torment did not come from physical pain, but from mental anguish.
Of course, in this last half hour when countless stocks hit their lower limit and market trading was forced to become light, brokerage firms and off-exchange margin lending institutions were exceptionally busy.
After all, with such a violent and extreme plunge,
many on-exchange margin financing accounts and leverage accounts with higher position risks could hardly avoid forced liquidation.
Even in the VIP room of the brokerage branch where Su Yi was, at this moment, several VIP clients were forced to replenish the margin in their margin financing accounts.
"Fortunately, I shorted two lots of stock index futures."
As everyone's faces were solemn and their bull market beliefs began to collapse, Mr. Deng looked at his stock trading account, which was already fully loaded and at the lower limit, and his stock index futures trading account, which was showing a profit of over 100,000, and couldn't help but feel a hint of relief,
"I really didn't expect the market to crash like this, with nearly 2000 stocks hitting their lower limit. This should be considered making history."
As an experienced stock investor, his stock trading career had already spanned twelve years.
But in his memory, even in the most brutal bear market of 2008, the entire market had never seen such an extreme situation as today, where almost all stocks completely lost liquidity and nearly 2000 stocks hit their lower limit.
Not only had he never experienced it.
In the trading room, many VIP investors had never experienced a scene where the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index almost all hit their lower limits.
This was no longer a plunge, but a crash.
A complete and utter crash!
"Several major stock index futures main contracts have also all hit their lower limits."
Su Yi looked at the grim scene where the main contracts of the three major stock index futures products – CSI 500 Index, CSI 300 Index, and A50 Index – had all been locked at their lower limits.
Even though he had experienced such a scene before, a wave of shock still surged in his heart,
"It seems... the market has completely lost liquidity. The stampede of bulls will cause all investors in the market to face a prisoner's dilemma."
Thanks to the lower limit hit by the CSI 500 Index futures main contract,
at this moment, his 30 lots of short contracts had an unrealized profit exceeding 6.8 million.
Facing the huge unrealized profit from his positions,
Su Yi still had no intention of closing his positions to take profit, because he knew the stampede of bulls was far from over.
Regardless of whether there would be any positive news over the weekend after today's close, the market should still have an inertial gap-down opening next Monday to release the panic selling that was not fully released today.
As market trading time continued to pass...
Amidst the agonizing wait of everyone in the trading room and the collapsing bull market beliefs of investors across the entire network,
the two markets finally welcomed the closing moment at 3 PM.
Ultimately, after an "uneventful" last half hour of trading, the Shanghai Composite Index closed down 7.40%, falling below 4200 points, while the ChiNext Index closed down 8.91%. With over 500 stocks suspended in both markets, the number of individual stocks hitting their daily lower limit reached over 1800.
And in the entire market, including newly listed stocks, the number of stocks in the green was less than 20.
After the market closed.
All investors participating in A-share trading, staring blankly at the frozen market display, all felt as if they had experienced a nightmare.
A nightmare that they dared not recall, a nightmare of despair.
Half a month ago, everyone was anticipating the Shanghai Composite Index to challenge 6000 points, surpass the previous bull market high, and create new A-share history.
And they were all envisioning those... immensely beautiful financial futures.
Now, A-shares indeed created new history.
But this new historical record was incredibly dark and incredibly cruel.
It directly shattered everyone's immensely beautiful dreams of wealth and directly crushed the bull market belief that everyone had always firmly held.
At the same time, it also took away the wealth in countless people's hands,
making those investors who aggressively traded using off-exchange leverage and on-exchange margin financing fully experience the ferocity and cruelty of the financial market.
It also made many novice investors who entered during this bull market
understand what wealth destruction means and what the perils of the stock market are.
After the market closed, Su Yi walked out of the brokerage branch's trading room, only to see that the vast financial street outside looked much more desolate and bleak than usual.
There was no sunlight outside today, only gloomy black clouds.
Thick clouds gathered above the countless skyscrapers on Financial Street, completely blocking out the sun.
It seemed as if a heavy rain could fall at any moment.
Su Yi gazed into the distance along the wide street, and even the Shanghai Stock Exchange, vaguely visible in the distance, was shrouded beneath the thick clouds.
"Mr. Su, with this weather, it should start pouring soon."
Seeing that Su Yi didn't have an umbrella, his stockbroker Lin Xiaoxiao hastily found him an umbrella in the branch lobby and muttered softly,
"How can the weather in Shanghai change so suddenly? Just ten minutes ago, it was sunny."
Su Yi looked at the umbrella in her hand, gently waved his hand, and said with a smile,
"The heavy rain has already fallen."
"Already fallen?"
Lin Xiaoxiao was stunned.
Su Yi nodded slightly, without explaining, walked out and hailed a taxi by the roadside, and left.
Lin Xiaoxiao stared blankly as Su Yi's back gradually disappeared, then turned back and saw today's stock market performance displayed on the huge screen in the branch lobby.
Only then did she understand the meaning behind Su Yi's words.
Indeed, the heavy rain had already fallen.
Today, the entire Shanghai financial district, all investors in the entire domestic financial market, experienced the baptism of a downpour.
"Lin Xiaoxiao, what are you doing standing here?"
Just as she was staring blankly at the frozen stock market performance, the manager's fierce gaze and stern tone instantly startled her awake,
"Among the margin financing clients you are responsible for, 5 clients' margin accounts have already touched the forced liquidation warning line today. Have you finished calling to notify them? Have you reminded them to replenish their margin?"
"Not... not yet."
Lin Xiaoxiao replied softly.
Hearing this, the manager glared at her again:
"Then why aren't you going to notify them quickly? What do you think this branch office is? Do you think you don't have to work just because you're pretty? If your performance is at the bottom again this month, write your own resignation letter next month!"
Lin Xiaoxiao wanted to say that she wasn't slacking off either, and wasn't she also serving clients?
But she instantly looked up and saw the manager's gloomy, almost man-eating face, hesitated for a moment, and swallowed back the words she was about to retort.
Then she simply lowered her head and gave a brief affirmative sound, and hurriedly went to call and notify the clients.
(End of Chapter)
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