China's new Nasdaq-style STAR Market plunges on second day of trading

FILE PHOTO: A sign for STAR Market, China's new Nasdaq-style tech board, is seen after the listing ceremony of the first batch of companies at Shanghai Stock Exchange in Shanghai, China July 22, 2019. REUTERS/Stringer/File Photo

SHANGHAI - China’s STAR Market kicked off its second day of trading on Tuesday with sharp falls in most listed shares a day after they posted average gains of 140%, underscoring the volatility of the country’s new Nasdaq-style board. In early trade, 22 out of 25 listed companies on the board were trading lower, with some shares trading down as much as 18%. Micro-Tech Co., a medical device company, bucked the overall trend, rising about 15%.

The debut of the STAR Market on Monday saw some shares climb as much as 520%, and more than doubled the board’s combined market capitalization.

I thought every company with a 200% increase in value was pretty normal🤔

Was anyone expecting it to be stable on day 1?

I feel like “Chinese stock market” could become a metaphor.

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