Should it come as a surprise to anyone, looking at reports like http://www.nytimes.com/2007/02/28/business/28stox.web.html?hp that the Shanghai market tumbled 9% for no apparent reason?
It's just a big gigantic casino, in which tons of small fish trying to skimp some money but the croc/big fish decides to cash out once in a while? Do we need a specific reason for the fall? For immature market like that, with so many unsophisticated retail investors fishing in the pool, alot of people are going to get burnt badly someday...
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