Change at CSRC dents index
By Ye Zhen |
March 19, 2013, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks fell the most in nearly two weeks yesterday as concerns rose over whether financial reforms would continue after a change of leadership at the country's securities regulator.
The Shanghai Composite Index fell 1.68 percent, the biggest daily decline since March 5, to 2,240.02 points.
Xiao Gang, who resigned as chairman of the Bank of China, has been named to head the China Securities Regulatory Commission, succeeding Guo Shuqing, the Shanghai Securities News reported on Sunday.
"The leadership change dented market confidence as investors were doubtful of the new leadership's commitment to financial reforms," said Gong Dejun, an analyst at Galaxy Securities.
During his 18-month tenure, Guo instituted measures to crack down on false disclosures, eliminate insider trading, encourage listed firms to pay cash dividends and expand investment channels for foreign investors.
Distilleries lost their froth after Premier Li Keqiang vowed he would cut government spending on elaborate banquets.
Kweichow Moutai Co, a producer of high-end liquor in China, dropped 4.2 percent to 169.45 yuan (US$27.24). Sichuan Tuopai Shede Wine Co slumped 6.8 percent to 20.81 yuan. Shanxi Xinghuacun Fen Wine Factory Co slid 6 percent to 36.57 yuan.
Property developers were mixed. Poly Real Estate rose 1 percent to 10.76 yuan and Gemdale Corp gained 0.8 percent to 6.05 yuan. Shanghai Prosolar Resources Development Co fell by the daily limit of 10 percent to end at 11.39 yuan.
The Shanghai Composite Index fell 1.68 percent, the biggest daily decline since March 5, to 2,240.02 points.
Xiao Gang, who resigned as chairman of the Bank of China, has been named to head the China Securities Regulatory Commission, succeeding Guo Shuqing, the Shanghai Securities News reported on Sunday.
"The leadership change dented market confidence as investors were doubtful of the new leadership's commitment to financial reforms," said Gong Dejun, an analyst at Galaxy Securities.
During his 18-month tenure, Guo instituted measures to crack down on false disclosures, eliminate insider trading, encourage listed firms to pay cash dividends and expand investment channels for foreign investors.
Distilleries lost their froth after Premier Li Keqiang vowed he would cut government spending on elaborate banquets.
Kweichow Moutai Co, a producer of high-end liquor in China, dropped 4.2 percent to 169.45 yuan (US$27.24). Sichuan Tuopai Shede Wine Co slumped 6.8 percent to 20.81 yuan. Shanxi Xinghuacun Fen Wine Factory Co slid 6 percent to 36.57 yuan.
Property developers were mixed. Poly Real Estate rose 1 percent to 10.76 yuan and Gemdale Corp gained 0.8 percent to 6.05 yuan. Shanghai Prosolar Resources Development Co fell by the daily limit of 10 percent to end at 11.39 yuan.
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