China markets regulator promises to protect small investors as stocks hit 5 year lows
ABC News
China's stock market regulators have renewed their effort to reassure jittery investors by promising to crack down on stock price manipulation and “malicious short selling.”
BANGKOK -- Chinese shares gyrated on Monday, sinking to 5-year lows, after stock market regulators sought to reassure jittery investors with a promise to crack down on stock price manipulation and “malicious short selling.”
Shares in Shanghai and the smaller market in Shenzhen, near Hong Kong, swung between big losses and small gains throughout the day. The markets have languished on heavy selling of property shares that have suffered with a slump in the real estate market.
Market observers said there were signs the authorities had, as is often the case, ordered big institutional investors to step up buying of state-owned banks and other heavyweights.
The Industrial & Commercial Bank of China gained 2.3%, Bank of China was up 2.6% and the Agricultural Bank of China rose 2.2%.
But shares still mostly lost ground. The Shenzhen Component index lost 1.1% after dipping as much as 4.4%. The Shanghai Composite index shed 1% to 2,702.19, having lost 3.5% earlier.
