China’s stock market suspended trading on Thursday after the benchmark Shanghai Composite Index fell below 7% early in the session. That triggered for the second time this week a “circuit breaker” provision that eventually shuttered all trading for the day after only about 15 minutes.
That was bad news for media-centric stocks, which already were feeling the burn from similar halts Monday: Wanda Cinema Line Corp closed Thursday down 9.0%, and is now down 19.6% since New Year’s Day. Huayi Brothers Media Corp. and Beijing Enlight Media both fell 10.0%.
Thursday’s circuit-breaker was triggered after a similar drop Monday on the first day of 2016 trading. Then, Shanghai and Shenzhen exchanges plunged 5%, triggering the first breaker and an initial 15-minute halt. Like today, the index fell below the second 7% trigger, and trading closed 90 minutes early to prevent further losses.