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Shanghai stocks hit lowest level since March 2009
By Hu Xiaocen |
January 6, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market dropped to its lowest level since March 2009 despite a call for confidence by Guo Shuqing, chairman of the China Securities Regulatory Commission.
The Shanghai Composite Index slid 0.32 percent to 2,141.51 points in the morning trading with a turnover of 15.5 billion yuan (US$2.45 billion), extending its fall to the third consecutive day since New Year's Day. Financials gained 0.4 percent.
"We should have confidence in China's stock markets. Most of our well-performing enterprises are listed companies. The Chinese economy will not be this strong without them," Guo spoke to investors at a convention. "More companies will be listed in the future," he added.
China's GDP and stock market size both ranked second in the world, while its bond market stood fifth.
The Financial Times reported on Wednesday that a new institution, the Centralized Securities Lending Exchange, will be set up in Beijing by the China Securities Regulatory Commission, to facilitate short selling as early as this quarter. The commission denied this report yesterday.
However, yesterday's Wall Street Journal reported that the China Securities Finance Corporation founded last October will start the short-selling market in March. The news has made investors more nervous about market volatility.
The Shanghai Composite Index slid 0.32 percent to 2,141.51 points in the morning trading with a turnover of 15.5 billion yuan (US$2.45 billion), extending its fall to the third consecutive day since New Year's Day. Financials gained 0.4 percent.
"We should have confidence in China's stock markets. Most of our well-performing enterprises are listed companies. The Chinese economy will not be this strong without them," Guo spoke to investors at a convention. "More companies will be listed in the future," he added.
China's GDP and stock market size both ranked second in the world, while its bond market stood fifth.
The Financial Times reported on Wednesday that a new institution, the Centralized Securities Lending Exchange, will be set up in Beijing by the China Securities Regulatory Commission, to facilitate short selling as early as this quarter. The commission denied this report yesterday.
However, yesterday's Wall Street Journal reported that the China Securities Finance Corporation founded last October will start the short-selling market in March. The news has made investors more nervous about market volatility.
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