-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanshan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Budding Writers
-
Fun
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Shopping
-
Business_Markets
-
Restaurants
-
Travel
-
Investment
-
Hotels
-
Yearend Review
-
World
-
Sports
-
Entertainment
-
QINGDAO TODAY
-
In depth
-
Leisure Highlights
-
Markets
-
Business
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Markets -> 
Stocks sharply lower on blue chip selling
    2017-11-28  08:53    Shenzhen Daily

HEAVY selling of blue chip shares dragged China’s stock markets sharply lower yesterday, as the specter of rising borrowing costs hitting company profits haunts investors amid a mounting regulatory crackdown on risky financing.

Selling in China’s stock markets last week had been prompted by a rout in the bond market that pushed yields on government treasury bonds to three-year highs, and by fresh moves to reduce risks in the asset management industry that may bring a sea change for banks and millions of small investors.

But while bond market jitters appeared to ease yesterday, stock market investors continued to unload shares in major firms that have enjoyed strong gains in recent weeks.

The blue-chip CSI300 Index ended 1.32 percent lower at 4,050.67 points. The Shanghai Composite Index was 0.94 percent lower at 3,322.23.

Major Internet-of-things supplier BOE Technology, seen as a blue-chip bellwether, tumbled 9.69 percent on news that major shareholders planned to cut their stakes in the Shenzhen-listed company.

Shares in the company had surged 51.6 percent from the beginning of October to their highest closing price in nine years Nov. 21, but have since plunged nearly 22 percent.

“Blue chips have been rising too fast ... and soaring prices of stocks such as Moutai have apparently raised regulatory eyebrows,” said Chen Xiaopeng, strategist at Sealand Securities Co., referring to Shanghai-listed liquor maker Kweichow Moutai.

“In addition, the new guidelines on asset management business have triggered expectations of tighter liquidity.”

More regulatory measures may be on the way. The Economic Information Daily reported yesterday that regulators are expected to tighten controls on consumer loan asset-backed securities (ABS), in the latest move to increase oversight of financial products.

Some analysts said that they saw a silver lining in the increased oversight.

“The recent correction in those blue chips stocks due to warnings from government as well as spill over effects from the bond rout may be good to prevent overheating in stock market,” OCBC analysts wrote in a note yesterday, pointing to the divergent performance of blue chip stocks and smaller stocks, many of which are in the red this year. (SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn