Shares recover from sharp decline
Print Edition
SHANGHAI stocks closed higher yesterday after the market regulator formally denied rumors of a crackdown on margin trading, and investors brushed off the slower growth in China’s economy.
The Shanghai Composite Index yesterday rose 1.82 percent to 3,173.05 points after dramatically falling 7.7 percent on Monday, the biggest daily loss in more than six years.
The China Securities Regulatory Commission issued an online clarification about penalties imposed on several brokerages after they violated regulations on margin lending on Friday, which was believed to have caused shares to tumble 7.7 percent on Monday.
Deng Ge, a CSRC spokesperson, said the punishment was not aimed at curbing margin trading in the market.
China’s economy grew by slower 7.4 percent in 2014, said the National Bureau of Statistics yesterday. But the growth beat analysts’ forecasts of about 7.2 percent.
Jiangsu Lianyungang Port surged by the daily 10 percent limit to 8.57 yuan (US$1.38), Tianjin Port jumped 8.97 percent to 18.95 yuan, and Tangshan Port rose 8.87 percent to 13.26 yuan.
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