China's stock market may be languishing, imperiling China's and the world's economy, but the country's online community is enjoying a thriving trade in black humor.
Chinese traders have taken to social media in recent days to share their pain and exasperation with the stock market, according to a report by Bloomberg on Tuesday.
A husband’s most sincere vow of everlasting love? Promising he’ll only divorce his wife after recouping all trading losses. How do ambitious teens see themselves in 2035? Telling their brokers to buy the Shanghai Composite Index at 2,000 points -- 30 percent lower than its close on Monday at a level almost exactly the same as a decade ago, as per a Bloomberg report.
Here's another joke that circulated around Mother’s Day in mid May.
‘When my mom walked me to kindergarten, the Shanghai Composite was at just over 2,000; when my mom sent me off to high school, the Shanghai Composite was at just over 2,000; when my mom attended my graduation, the Shanghai Composite was at just over 2,000. I wish my mom eternal youth and never to age, just like the Shanghai Composite.’Jacky Wong, a columnist at The Wall Street Journal, tweeted last month as to how major Chinese dailies are trying to build a notion that everything is fine with the country's stock market.
All major Chinese financial newspapers basically said on front page, "Don't worry, the market is fine." - which makes you think it's not fine... pic.twitter.com/Q6jZNOU7kA
— Jacky Wong (@jackycwong) June 20, 2018
The Chinese stocks languish in their eighth bear market in 10 years with the benchmark Shanghai composite index (SCI) trading around level of ten years ago.
On Tuesday, the SCI rose 1.5 percent higher to 2,890 at the midday break and the blue-chip CSI300 index gained 1.7 percent. The SCI and CSI300 remain the world's worst-performing major stock indexes this year.
Chinese equities have shed almost $2 trillion since January on concerns that tightening credit conditions and a trade dispute with the US would derail China’s slowing economy, reported Bloomberg.
Australian financial columnist Daryl Guppy, in March, told CNBC that investors will have to watch for the index to consolidate near 3,000 level and move sideways. "Days of extreme volatility may temporarily push the index below 3,000."
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