Shanghai stock exchange stocks have fallen sharply, with the Shanghai Composite down 1.5% in the last 24 hours, the worst performance since mid-November.
The Shanghai Composite Index, which tracks the Shanghai Stock Market, is down 1,822.6 points, or 1.9%, to 6,842.2 points, according to Bloomberg.
In the first nine months of the year, the Shanghai stock market had lost almost $400 billion, according a Bloomberg report.
A more recent Reuters report said that the Shanghai Index was trading at its lowest point in nearly a decade.
Bloomberg’s Kevin Warshaw reported that Alibaba’s stock exchange and other services are now free for all users to buy and sell stock on the Shanghai Exchange.
With the Shanghai exchange, anyone can trade stocks and other assets on a global platform, with its users having the option to buy or sell.
Shanghai Stock Exchange: Chinese stocks fall sharply, market says, but it’s not yet clear how they’ll rebound article Shanghai Stock Exchanges in China, including the Shanghai and Shenzhen, are shutting down, according the Reuters report.
The Shanghai Stock exchange, which is China’s biggest, is the most widely used exchange in the world.
At least six companies shut down last week.
Baidu, a China-based internet company, is one of the companies that shut down, Reuters reported.
Baidu’s stock dropped 7.4% on Monday.
Alibaba, the Chinese e-commerce giant, also announced that its Shanghai exchange would be closed on November 4, Bloomberg reported.
Alibaba shut down its Shanghai Exchange in early November, according Reuters.
Alibaba has been trying to turn the Shanghai Market into a more integrated platform, and it has been providing support for the Shanghai market.
For the first time, Alibaba is offering a platform for its stock exchange users to purchase shares of Alibaba stock, as well as sell shares of its other businesses, Reuters said.
The company has also launched an exchange that lets Chinese investors buy shares of companies in other countries.
Alibaba is also launching a new trading platform called Shanghai Exchange, which will allow users to trade stocks on the exchange.
Alibaba will also expand its Chinese exchange platform to the U.S. and other markets, Bloomberg said.
China’s stock market plunged in November, as fears of an economic slowdown in China and a political crackdown in the country have hurt the economy.
Investors are concerned that China’s economy may not recover, and are turning to other exchanges to buy stock and other investments, Bloomberg News reported.
Shares of Alibaba and Alibaba Group Holding Ltd.
fell 2.9% on the first day of trading on Monday, according Toi, a Chinese brokerage.
Alibaba Group’s stock rose 7.9%.
Beng China Holdings Ltd., the biggest listed company in China’s Hangzhou city, also said it will shut down the Shanghai Company, Reuters also reported.
Hangzhou’s Hangzhong Securities Group Co. said on Monday that it will also shut down Hangzhang Securities Co. by the end of November.
The Shanghai Company was a unit of China’s largest brokerage and fund, the Hangzhou Stock Exchange, Bloomberg also reported, citing people familiar with the matter.