e-magazine
Calling Off Forever
China's divorce rates spike for a multitude of reasons
Current Issue
· Table of Contents
· Editor's Desk
· Previous Issues
· Subscribe to Mag
Subscribe Now >>
Opinion
World
Nation
Business
Finance
Market Watch
Legal-Ease
North American Report
Forum
Government Documents
Expat's Eye
Health
Sci-Tech
Lifestyle
Books
Movies
Backgrounders
Special
Photo Gallery
Blogs
Reader's Service
Learning with
'Beijing Review'
E-mail us
RSS Feeds
PDF Edition
Web-magazine
Reader's Letters
Make Beijing Review your homepage
The Latest Headlines
The Latest Headlines
UPDATED: July 28, 2015
Stocks Extend Biggest One-day Loss in Eight Years Amid Volatility
Share

Stocks fell amid volatile trading on July 28, extending the biggest one-day loss in eight years, as concerns grow over the sustainability of the government-supported market rebound.

The benchmark Shanghai Composite Index retreated to 3,663 at close, down 1.7 percent after swinging nearly 230 points, while the Shenzhen Component Index tumbled 1.4 percent to 12,316.78.

More than 300 stocks sank by the daily limit of 10 percent on July 28, led by technology and energy sectors.

Brokerages rebounded after an across-the-board decline on July 27. Guosen Securities and Soochow Securities jumped 10 percent. Orient Securities and Guotai Junan surged 9.2 and 8.4 percent respectively.

The China Securities Regulatory Commission (CSRC) has been following report leads and investigating into "intensive share dumping" on July 27, announced the securities watchdog via its official microblog on the afternoon of July 28.

The Shanghai gauge dived 8.5 percent on July 27, when latest statistics posted by the National Bureau of Statistics showed profits at major industrial firms dropped 0.3 percent year-on-year in June, down from a 0.6 percent growth in May.

The rout put an end to a six-day rally after the Shanghai gauge rebounded 16 percent from its July 8 low through July 24, as regulators took a string of moves to shore up the market, which included suspending initial public offerings, banning major shareholders from selling, investigating into "malicious" short-selling and granting government agency liquidity to help finance stock purchases.

"China Securities Finance Corp hasn't exited the market and is looking for opportunities to buy in to continue stabilizing the market," said the CSRC spokesman Zhang Xiaojun on the night of July 27.

(China Daily July 28, 2015)



 
Top Story
-Abe Pulls an About Face
-Who Is America's Closest Ally?
-Don’t Disparage Marriage
-A Weaker Union
-Cultures in Concert
Most Popular
在线翻译
About BEIJINGREVIEW | About beijingreview.com | Rss Feeds | Contact us | Advertising | Subscribe & Service | Make Beijing Review your homepage
Copyright Beijing Review All right reserved