Shares fall as arrest clouds sentiment
Print Edition
SHARES in Shanghai fell 1.7 percent yesterday after news emerged that police arrested a star private fund manager on allegations of allegedly manipulating the market and insider trading at the weekend.
The Shanghai Composite Index closed at 3,325.08 yesterday.
Police arrested Xu Xiang, a top performing private fund manager of Shanghai-based Zexi Investment, on Sunday for further investigation into insider trading. The arrest clouded the sentiment of investors.
The case “is a clear warning signal in the short period,” said consulting firm Wanlong Stock.
But it is a good move in the long run as it will eradicate market excesses and set the stage for the market to develop healthily, analysts said.
Blue chips fell as manufacturing activity in China’s private and export-focused companies shrank again in October.
PetroChina Co shed 2.51 percent to 8.53 yuan (US$1.35), and China Shenhua Energy Co lost 2.12 percent to 14.77 yuan. Baoshan Iron and Steel Co shed 2.12 percent to 5.55 yuan.
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