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Confused signals pull shares lower
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SHANGHAI shares gave up gains and closed lower yesterday as investor confidence was rocked by the latest probe into a senior official of the stock market regulator as well as confused signals whether state support was sufficient to revive the market.
The Shanghai Composite Index sank 2.1 percent to 3,086.06 points, after rising up to 1.6 percent in the morning session. Most of the losses came in the last 30 minutes before the market closed.
“The market is becoming increasingly volatile as state support has caused confusion to the market and investors,” Li Jingyuan, head of securities investment at Shanghai Zhaoyi Asset Management, told Bloomberg News.
He said that investors were also confused whether central government support could bolster the stock market because “information on state buying isn’t transparent.”
The investigation into Zhang Yujun, assistant chairman of the China Securities Regulatory Commission, for “severe disciplinary violations,” announced by the Central Commission for Discipline Inspection of the Communist Party of China late on Wednesday, also clouded investor sentiment.
“His scandal is thought to be linked to the previous crackdown on index-futures trading,” Capital Securities analyst Zheng Chunming said.
Citic Securities Co plunged 4.2 percent to 13.83 yuan (US$2.17) yesterday following news on Tuesday that its president and two executives were being investigated for suspected insider trading and leaking information.
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