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April 18, 2017

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Shares dip on vow to curb speculation

SHANGHAI shares fell yesterday after Chinese authorities promised to curb speculation and prevent investor misdeeds.

The Shanghai Composite Index lost 0.74 percent to close at 3,222.17 points.

The market fell as “investors were wary and waited for opportunities of ‘value investing’ rather than making short-term profits” after China’s pledge to encourage enterprises to invest in innovation rather than speculate in the financial or property sector, said Zhu Bin, strategic analyst at Southwest Securities.

Liu Shiyu, chairman of the China Securities Regulatory Commission, said at the weekend that behavior which disturbs market order will be crushed.

China Fortune Land Development Co fell by the daily limit of 10 percent to 39.95 yuan (US$5.80), as did Tangshan Port Group Co to 7.01 yuan.


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