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December 17, 2016

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CIRC warning mutes market sentiment

SHANGHAI shares edged up from a one-month low yesterday, but suffered the biggest weekly loss in eight months amid tighter rules on insurers and a bond market slump following the rate hike by the US Federal Reserve.

The Shanghai Composite Index added 0.17 percent to close at 3,122.8 points, posting a weekly loss of 3.4 percent — its steepest pace since late April.

The gauge traded cautiously despite a rebound in the bond market where China’s 10-year treasury futures rose above 1.3 percent yesterday.

Market sentiment was muted after the China Insurance Regulatory Commission warned 10 insurers for failing to properly carry out self-inspection on their risk levels, the Securities Daily said yesterday. Aggressive buying by the insurers into the mainland’s stock market has raised government’s worries about possible financial risks.

Zhang Xiaojun, spokesman of the China Securities Regulatory Commission, announced after the close of trading that the CSRC is focusing on curbing “manipulative operations” in the stock market.


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