Monday, November 20, 2017
News

Shanghai stocks post worst week in 2017 on tighter regulation, economy worries

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

SHANGHAI | Friday, Apr 21 2017 IST
 
- Shanghai stocks post their worst week in 2017 as tighter regulatory scrutiny and concerns over the broader economic outlook dampened investors' risk appetite.The blue-chip CSI300 index rose 0.2 percent to 3,466.79, while the Shanghai Composite Index was flat at 3,173.15 points.For the week, the CSI300 was down 0.5 percent, while the SSEC lost 2.2 percent.Anxiety over tighter liquidity has deepened as Beijing intensifies its battle against speculative trading and riskier financial practices.Top securities regulator Liu Shiyu last weekend urged stock exchanges to "brandish their sword" and punish market misbehaviours "with no mercy".The banking regulator has issued slew of policy directives in recent weeks aimed at lenders' shadow banking business and risk management. The insurance regulator has also called on insurance companies to strengthen supervision of operations and investment activities and correct market disorder.Sentiment has also been hit by growing worries over China's economic outlook. A Reuters poll predicted economic growth slowing to 6.5 percent for the full year and weakening further to 6.2 percent in 2018, as the government seeks to cool the property sector and contain risks from a dangerous build-up of debt.For the week, investors retreated from small-caps to seek cover in defensive sectors, in particular consumer and healthcare, while real estate and bank stocks lost ground amid curbs on property investments and tighter regulation targeting shadow banking activity.In particular, stocks expected to benefit from the development of the country's new Xiongan Economic Zone dragged the most, as regulators' warnings about speculative activity checked investor enthusiasm.Building materials maker BBMG was down 23 percent from its recent peak, while developer China Fortune Land lost 21 percent from its record high.Some steelmakers gained despite the launch of a U.S. trade probe against China and other exporters of cheap metal, with traders noting that Washington's move had been long expected. REUTERS SV 1313

-- (Reuters) -- C-1-1-DL0103-862777.Xml

Watch News Videos

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
TRENDING TOPICS
 
 
 
CITY NEWS
MORE CITIES
INDIA WORLD ASIA
NCP says will perform better in Guj poll...
Man touches air hostess' feet to apologi...
Congress' defeat directly proportionate ...
Dasmunshi's demise irreparable loss to C...
Miss World 2017 gives graceful reply to ...
'Padmavati' controversy politically plan...
More...    
 
 Top Stories
Payal Singhal collaborates with The... 
NSE's IISL launches SME Emerge inde... 
US regulator audits Biocon drug fac... 
Film with SRK would be quite cool: ... 
Give your skin right detox post wed... 
After 'Padmavati' row, Deepika Padu... 
Equities close marginally in the gr... 
Sri Lankan PM questioned over contr...