BEIJING: China stocks dropped after authorities arrested an influential private fund manager. The benchmark Shanghai Composite Index is currently down 0.3% at 3370.90, recovering from 1.3% losses after opening, with near 600 shares losing. The Shenzhen Composite Index flipped to gains by 1% at 2034.39, while the ChiNext board rose 0.7% at 2495.32. Chinese police arrested Xu Xiang, the manager of Shanghai-based Zexi Investment, for suspected insider trading and share price manipulation, reported the official Xinhua News Agency. Some of Xu’s preferred stocks plunged, such as Ningbo Kangqiang Electronics (002119.SZ) and Zhejiang Nanyang Technology (002389.SZ), which traded limit down (drop of 10%) to 21.38 yuan and 18.18 yuan, respectively. Also, on Sunday, Chinese police detained executives of a Hong Kong-owned fund for alleged illegal futures trading that generated profits of over 2 billion yuan, according to the Xinhua, citing the Ministry of Public Security. “The arrest of Xu shows the authority’s commitment to crack down on manipulation of the market, especially those who profit from speculation. But overall this shall help regulate the market,” said Zheng Chunming, an analyst at Capital Securities. Meanwhile, China’s official PMI for October stood at 49.8, contracting for a third month, yet analysts say its impact on the market is limited as the number was largely within expectations.
shanghai shares start week with losses 25 june 2018
Hong Kong, (UrduPoint / Pakistan Point News - 25th Jun, 2018 ) :Hong Kong and mainland Chinese stocks fell on...
