Financial groups stress market stability
Print Edition
Three financial industry associations in Shanghai yesterday urged financial institutions and staff to stabilize markets and provide financing to industries hit by COVID-19, as China’s financial and commercial hub entered a fourth week of lockdown.
China’s stock market has tumbled to two-year lows as the world’s second-largest economy grapples with COVID-19 flare-ups, the Ukraine crisis and US monetary tightening, with the main indexes down more than 20 percent so far this year.
In a joint statement, the Shanghai Securities Association, the Shanghai Futures Association and the Shanghai Asset Management Association said that financial firms should operate financial services continuously and guarantee the security of funds and transactions.
Professional institutional investors should demonstrate responsibility and actively play their roles by discovering value, stabilizing markets and boosting market confidence, the associations added.
The groups also urged financial institutions to meet financing demand from health-care firms’ business in COVID-19 vaccines, testing kits and medicines.
Chinese stocks, meanwhile, continued to fall yesterday, with the benchmark Shanghai Composite Index down 1.44 percent to close at 2,886.43 points.
The Shenzhen Component Index closed 1.66 percent lower at 10,206.64 points.
The combined turnover of stocks covered by the two indices stood at 838.8 billion yuan (US$127.89 billion), down from 896.89 billion yuan the previous trading day.
Losers outnumbered gainers 1,463 to 298 on the Shanghai bourse and 2,179 to 406 on the Shenzhen bourse.
Shares related to securities firms and textile and garment industries led the losses.
The ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, lost 0.85 percent to close at 2,150.51 points yesterday.
The People’s Bank of China said that recent financial market fluctuations have been driven mainly by investor expectations and sentiment.
The bank will promote the steady and healthy development of the financial market and foster a sound monetary and financial environment, the central bank said yesterday.
Meanwhile, Hong Kong stocks edged slightly higher yesterday after the previous day’s big losses. The Hang Seng Index added 0.33 percent, or 65.37 points, to 19,934.71.
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