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China stocks fall further and face worst week since 2008 China stocks fall further and face worst week since 2008
(about 2 hours later)
Chinese stocks are poised to post their worst weekly performance since the financial crisis due to a flurry of initial public offerings (IPOs) and concerns about stricter trading rules.Chinese stocks are poised to post their worst weekly performance since the financial crisis due to a flurry of initial public offerings (IPOs) and concerns about stricter trading rules.
A record $1.1tn worth of funds is locked up for subscription to IPOs, analysts at IG market said.A record $1.1tn worth of funds is locked up for subscription to IPOs, analysts at IG market said.
The benchmark Shanghai Composite fell by 2.3% while the Shenzhen Composite is down by more than 3%. The benchmark Shanghai Composite fell by 3.1% while the Shenzhen Composite is down by 3.4%.
The overall losses from since their peak is now more than 10%.The overall losses from since their peak is now more than 10%.
However, in Hong Kong the Hang Seng index bucked the downward trend and rose by 1.1%. However, in Hong Kong the Hang Seng index bucked the downward trend and rose by about 1%.
"The China Securities Regulatory Commission was reported to be working on margin trading risk management rules for securities companies, according to 21st Century Business Herald," Bernard Aw, market strategist at IG said."The China Securities Regulatory Commission was reported to be working on margin trading risk management rules for securities companies, according to 21st Century Business Herald," Bernard Aw, market strategist at IG said.
"This could presage further tightening on margin financing to rein in excessive speculation, as well as reduce the risk of a stock market collapse"."This could presage further tightening on margin financing to rein in excessive speculation, as well as reduce the risk of a stock market collapse".
Elsewhere in Asia, stock markets were mostly higher as investors appeared to shrug off concerns about Greece following another round of failed talks.Elsewhere in Asia, stock markets were mostly higher as investors appeared to shrug off concerns about Greece following another round of failed talks.
European finance ministers ended their meeting on Thursday without a fresh bailout deal, and have called for an emergency summit next week.European finance ministers ended their meeting on Thursday without a fresh bailout deal, and have called for an emergency summit next week.
Both Japan's Nikkei 225 and the broader Topix are trading about 0.8% higher after the country's central bank kept monetary policy on hold. In Japan, the Nikkei 225 closed up 0.9% at 20,174.24 while the broader Topix also rose 0.9% to end at 1,631.01.
The Bank of Japan also announced that it would reduce the number of policy meetings from 14 to eight a year. The Bank of Japan maintained its existing asset purchase programme, and also announced that it would reduce the number of policy meetings from 14 to eight a year.
South Korea's Kospi index rose 0.6% and Australia's S&P/ASX 200 jumped 1.4%. South Korea's Kospi index rose 0.25% to close at 2,046.96, while in Australia the S&P/ASX 200 climbed 1.3% to end at 5,596.99.