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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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China Will Get an ‘Understanding India’ Programme To Facilitate Cultural Exchange

"We would like to demystify the idea of India through this programme."

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India, China
PM Modi meets Xi Jinping, wikimedia commons

India plans to launch an “Understanding India” programme in China to “demystify” the country and create a better understanding of it.

Despite being immediate neighbours, India and China lack people-to-people contact and cultural exchange.

Indian Council of Cultural Relations President Vinay Sahasrabuddhe, who was in Beijing to attend the World Congress of Philosophy, said that by watching Bollywood and reading websites one can know India only superficially.

India and China on Saturday agreed on a joint economic project in Afghanistan, sources said after a two-day summit between Prime Minister Narendra Modi and Chinese President Xi Jinping here.
Representational Image, wikimedia commons

“India cannot be understood by simply reading books and visiting websites. India is an experience,” Sahasrabuddhe said.

“In most big countries like China, we are trying to have some kind of ‘Understanding India’ programme which will be a structural programme.”

The Rajya Sabha MP said that India was a “riddle” to the people outside because of its diversity and coexistence of masses despite the economic disparity in the country.

“We would like to demystify the idea of India through this programme,” Sahasrabuddhe added.

He also said the Indian cultural centres across the world that don’t have any name will be named after Indian monk Swami Vivekananda.

India, China
India is an experience

The cultural centre at the Indian Embassy in Beijing was named after the spiritual leader on Tuesday.

Also Read: Indian Art Forms in International Festivals Through Sands of Culture Series

“We respect everybody. There are Nehru centres; there are Mahatma Gandhi centres; there are Tagore centres but there are centres that did not have any names… so we thought it was fit to name all those under Swami Vivekananda because he symbolizes Indian culture in a multiple ways. He is an inspirational hero,” said Sahasrabuddhe.

There are 37 Indian cultural centres in the world. (IANS)