Related News
China stocks fall after rollercoaster ride Thursday
Online Edition
Chinese shares experienced a rollercoaster ride on Thursday following Wednesday's sharp rise, with the benchmark Shanghai Composite Index down 2.10 percent to end at 3,086.06 points.
The Shenzhen Component Index dropped 1.52 percent to close at 9,739.89 points.
Total turnover on the two bourses was 698.04 billion yuan (US$109.66 billion), up from the 566.78 billion yuan registered on Wednesday.
The major index bounced back from morning losses to rise above 3,200 points in the early afternoon, before ending sharply lower at below 3,100 points, evidence of a lack of investor confidence.
The index jumped 4.89 percent on Wednesday after two days of declines and following gains overnight on US equities.
Thursday's sharp recession came after the anti-corruption watchdog's announcement on late Wednesday that the assistant chairman of China's securities watchdog, the China Securities Regulatory Commission, Zhang Yujun, was being investigated for "serious violations of the law."
Three senior executives from China's top securities broker, CITIC Securities Co., Ltd., are also being investigated for alleged insider trading and leaking inside information, police announced earlier Tuesday.
China's stamp tax on stock trading, a signal of the government's stance on the stock market, hit 26.5 billion yuan (US$4.2 billion) in August, 4.4 times the volume seen in the same period last year, as the sell-off continued despite government support policies, data from the Ministry of Finance showed earlier.
The stamp tax on stock trading is currently set at 0.1 percent of the trading price. Two cuts in stamp tax in 2008 both resulted in a surge of more than 9 percent in the Shanghai index.
The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 0.37 percent to close at 1,933.30 points.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
