What is the stock market crash? The financial manager told you.
There are many direct reasons for the stock market crash, but at least one of the following conditions should be met: 1, a country's macroeconomic fundamentals have deteriorated seriously, and listed companies have difficulties in operating;
2. Low-cost direct financing leads to financial inefficiency and economic development inefficiency, which greatly fuels the bubble and leads to a serious overvaluation of the stock price.
3. There are serious defects in the listing and trading system of the stock market itself, which leads to the prevalence of speculation and the loss of investment value and resource allocation function of the stock market.
4, political, military, natural disasters and other crises have seriously hit the confidence of the securities market, and the securities market has psychological panic and cannot continue to operate normally.
The stock market crash is mainly manifested in the following aspects: 1. Heavyweights led the whole market to fall rapidly;
2. The volume of most stocks fell;
3. Heavyweights fell by more than 5%, and even some stocks took the lead in closing the daily limit;
4. Small and medium-sized stocks fell by more than 7% in a large area, and the stocks sealed on the daily limit board increased rapidly.
The four worst stock market crashes in stock history: Thursday, 1, 1929, 10. New york stock market crashed. How to make money by speculating in gold? Experts guide banks to open accounts in gold and silver TD for free. The panic on the first day of the bank's gold and silver simulation trading software 1929 also gave people the deepest brand of the stock market crash. The number of shares changed hands on that day reached 1289460, and many of them were sold at low prices, which was enough to disillusion the hopes and dreams of the holders.
But looking back, the disaster happened without warning. There was no obvious sign at the opening, and the stock index was still very strong for a while, but the turnover was very large. Suddenly, the stock price began to fall. In the morning 1 1, the stock market went crazy and people rushed to sell.
By 1 1:30, the stock market has been completely at the mercy of blind and ruthless panic and plunge. After that, word got out that within an hour, 1 1 famous speculators committed suicide one after another. In the following days, NYSE ushered in the most difficult period since the establishment of 1 12, and the crash lasted longer than any previous experience.
2. 1987101October19, the Great Panic returned to America. 1987 10 10 month 19 is another black memory of American stocks, which crashed again on this day. When the stock market opened, the long-lost terror reappeared for half a century. In just three hours, the Dow Jones Industrial Average fell by 508.32 points, or 22.62%.
This means that the stock in the hands of shareholders has depreciated by more than 20% in one day, and a total of 500 billion dollars has disappeared invisibly, equivalent to one-eighth of the annual GDP of the United States. Immediately, the panic spread to other areas outside the United States. 10 19 On the same day, the stock markets in London, Shanghai, Hong Kong, Paris, Frankfurt, Toronto, Sydney and Wellington also fell.
The following week, the panic intensified. 10 year1On October 20th, the share price of Dongzheng fell by 14.9%, setting a record for the decline of Dongzheng. 65438+1On October 26th, Hong Kong's Hang Seng Index plunged 1 126 points, with a drop of 33.5%, the highest in the history of the decline of Hong Kong stocks, which swallowed up all the gains since 1986+065438+ 10. Correspondingly, the stock markets in East China, Sydney, Bangkok, Singapore and Manila also fell. As a result, the information of Asian stock market crash was sent back to Europe and America, which led to the decline of European and American stock markets.
According to statistics, during the eight days from June 10 to June 26th, the wealth lost due to the stock market crash was as high as 2 trillion US dollars, which was 5.92 times of the total direct and indirect losses of 338 billion US dollars in World War II. Therefore, Merrill Lynch economist Vakhtel called the stock market crash on June 65438+1October 65438+September 26th a runaway massacre.
3. 1992 Japanese stock market nightmare entered the 1990 s, and the stock market price plummeted immediately. By June 1990, the stock index had fallen below 20,000 points. 199 1 rebounded slightly in the first half of the year, but the decline was even greater in the second half. On April 0 1992, the Nikkei average index of the eastern stock market fell below 17000 points, and the Japanese stock market fell into panic. In August, 18 fell to 14309, basically returning to the level of 1985.
Up to now, the stock index has fallen by 63% compared with its peak period, and the total current price of listed stocks has dropped from 65,438+630 trillion yen at the end of 0989 to 299 trillion yen, a decrease of 33 1 trillion yen in three years, and the bubble in the Japanese stock market has completely burst.
After the bubble burst, Japan's economic situation took a sharp turn for the worse, immediately showing a situation of equipment investment stagnation, enterprise inventory increase, industrial production decline and slow economic growth. The impact is so great that even real estate has not been spared. The real estate price in Japan reached a sensational high in 1990, when the price of Japanese imperial palace was equivalent to the sum of all real estate prices in California. After the bubble burst, the decline in Japanese real estate prices has just begun to stabilize, and the wealth of the whole country has shrunk by nearly 50%.
4.19961February and 2006 5438+0 July, China stock market plunged 1996 1216 People's Daily published a special commentator's article "Correctly Understanding the Current Stock Market", which defined the stock market as abnormal sum. The rise was finally contained. The Shanghai Composite Index reached its limit at the opening. Except for a few small-cap stocks, which closed down all day, they still fell the next day. The book wealth of all positions evaporated three days ago.
The other occurred at 200 1. On July 26 of that year, the reduction of state-owned shares officially began in the issuance of new shares. The stock market plummeted and the Shanghai Composite Index fell by 32.55 points. By June 10 and 19, the Shanghai Composite Index plunged from 2245 in June 14 to 15 14, with more than 50 stocks falling below the limit. In that year, 80% of investors were quilted, the net value of the fund shrank by 40%, and the brokerage commission income decreased by 30%.