China's major stock indexes finished the week on a grim note on Friday, with the Shanghai index ending the week down 13.3 per cent, its worst showing since the global financial crisis. Many analysts had warned that Chinese bourses had become too frothy since their run-up in November, with some companies trading at 200 or 300 times earnings amid incredible volatility. The doubling in primary indexes in Shanghai and Shenzhen since late last year has made Chinese markets the world's best performing major market, but net market capitalisation of the equity markets, at 66.2 trillion yuan ($10.7 trillion), now exceeds the size of the country's gross domestic product. The correction from the June 12 peak has wiped out 9.24 trillion yuan worth of value.
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