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Stocks drop amid crackdown worries
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Yang Yunfei
CHINA shares closed mostly lower yesterday as securities regulators widened a crackdown on stock market irregularities.
But share prices ended well off their intraday lows as a late technical rebound set in.
The Shenzhen B-Share Index fell 1.05 per cent to close at 130.98 points. Turnover was a thin HK$59.68 million, up from HK$46.08 million on Monday.
The Shanghai B-Share Index settled with a rise of 0.03 points at 83.024 points on thin turnover of US$16.03 million.
Shanghai's A-Share Index shed 0.64 per cent to 2,110.722 points on thin turnover of 7.84 billion yuan.
In Shenzhen, the A-Share Index fell 0.79 per cent to 649.37 on a turnover of just 5.29 billion yuan.
Persistent rumours that the authorities were probing more than 20 domestic brokerages over possible participation in illegal stock market manipulation weighed on the markets and depressed share prices, said a broker at Eagle Securities.
Brokers said that share prices were likely to move narrowly in the coming several trading days, with investors staying on the sidelines until they get more hints from officials about policy direction.
Chinese shares closed sharply lower on Monday, the first trading day after a two-week Lunar New Year holiday, continuing a general downward trend over the past few weeks due to official warnings against market irregularities.
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