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July 28, 2016

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Shares fall the most in 6 weeks on reports

SHANGHAI stocks yesterday slid the most in six weeks after investors were spooked by reports that possible curbs on wealth-management products investing in equities might cut capital flows into the market.

The Shanghai Composite Index sank 1.91 percent and closed below the 3,000-point mark at 2,992 points.

Market watchers said investors sold small caps as they were concerned that new regulations to curb wealth-management products investing in equities might halt the inflow of capital into stock trading.

Shenzhen’s ChiNext index of startup companies sank 5.5 percent, the most since mid-June.

China’s banking regulator is considering tightening curbs on the nation’s US$3.6 trillion market for wealth-management products, the 21st Century Business Herald said yesterday, citing unidentified sources. But it said the final version of the rules hasn’t been drafted yet.

China International Capital Corp said in a note yesterday that the potential regulations would help control risks in the long run.

Everbright Securities shed 4.03 percent to close at 17.13 yuan (US$2.57).


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