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China vows market stability after largest single-day drop

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Beijing: China has vowed to stabilize its stock markets after the share prices on the Shanghai Stock Exchange plunged on Monday, the largest single-day drop since June 2007. Shanghaistockexchange

China Securities Regulatory Commission (CSRC) will continue to take measures to stabilize the stock markets, Global Times cited analysts as saying. The analysts added that fears that the government may halt support measures may have triggered the drop.

The CSRC also said that it will look into the possibility of malicious short-selling activities, and welcome public support in identifying alleged short sellers and “severely” punish offenders, the media report said.

The benchmark Shanghai Composite Index plunged 345.35 points to close at 3,725.56 points on Monday, while the Shenzhen Component Index fell by 1,025.46 points, or 7.59 percent, to 12,493.05 points.

Li Daxiao, chief economist at Shenzhen-based Yingda Securities, was quoted as saying that the weak economic data is only a minor reason for souring market sentiment.

“The more important factor is that some stocks on the two bourses are still overvalued, leading to the market correction,” Li told the Global Times on Monday.

Authorities announced measures to arrest the market slump that began on June 12. It includes a relaxation on margin trading rules – using borrowed money to invest in the market – a ban on major shareholders from selling within six months and a crackdown on “malicious” short selling.

“If the market remains turbulent, the government may roll out additional measures to back the stock market,” Liu Xuezhi, an analyst at the Bank of Communications, told the Global Times.

(IANS)

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Dating Apps Face Restrictions in China After Their Growing Success

A mobile application, which allows wealthy older people to connect with young lovers, is facing restrictions in China after a surge in popularity in the country, state media reported on Friday.

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The study by global cyber security company Kaspersky Lab showed that many dating apps do not handle users’ sensitive data with sufficient care. (Source: File Photo)

A mobile application, which allows wealthy older people to connect with young lovers, is facing restrictions in China after a surge in popularity in the country, state media reported on Friday.

SeekingArrangement, which was the most downloaded app on Apple Store China this week and also registered high numbers on Android, has been banned from WeChat — a popular Chinese messaging service similar to WhatsApp — Efe news reported citing the official newspaper China Daily.

The move came after the state-run Global Times — linked to the Communist Party of China — urged the government to shut down the app’s operations in the country for promoting “sugar dating”, a practice in which wealthy older suitors are matched with younger people in exchange for economic benefits or gifts.

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Lawyers cited by official media warned that the services offered by such websites could be classified as prostitution, which is illegal in China.

How safe are online dating apps?

The app was founded in 2006 by entrepreneur Brandon Wade, who has defended it by saying “love is a concept invented by poor people”, and has its Chinese headquarters in the Shanghai Free Trade Zone, which has fewer legal restrictions than the rest of the country.

Male members pay a monthly fee of $60, while females use the app for free or pay $15 to access more functions and are required to list their annual income, which should be higher than $47,000 to use the services. (IANS)

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