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Regulator vows to stabilize stock market with new move

(Agencies/chinadaily.com.cn)
Updated: 2008-06-24 11:46

China's securities regulator has said it will do whatever is necessary to ensure the country's stock market is stable and healthy after recent jitters.

An investor with a crutch stands in front of an electronic board showing stock information at a brokerage house in Nanjing, Jiangsu province June 11, 2008. [Agencies]

Shang Fulin, chairman of the China Securities Regulatory Commission (CSRC), said the commission will mete out severe punishment for those who spread rumors that disrupt market orders, according to a statement on the commission's website.

His comments came after two roller-coaster weeks on Chinese stock markets left the key index hovering near a 16-month low as a result of investors' weak confidence amid the government's attempts to maintain the current tight monetary policy.

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In the latest move, the People's Bank of China, the central bank, announced earlier this month an increase in the amount lenders must hold in reserve by a full percentage point, which analysts said indicates the liquidity problem is still serious.

After the hike, which will be implemented in two steps, one on June 15 and another on June 25, each by half a percentage point, banks' reserve requirement ratio will reach 17.5 percent.

"The market volatility increased and investors' confidence was battered by a complicated combination of internal and external factors," Shang said in the statement dated Sunday.

The benchmark Shanghai Composite Index has shed more than half its value since peaking in October -- and more than a fifth this month alone.

"Ups and downs are inevitable in any market ... but the basics for a healthy and sustainable stock market shall not be affected," he said.

The commission will balance share supply and demand and adjust the pace of financing to increase stability, Shang added.

The commission will increase transparency by publishing details of initial public offerings' lock-up periods -- the set time during which company employees and associates are not allowed to sell their shares, he said.

The benchmark Shanghai Composite Index on the Shanghai Stock Exchange ended at 2,803.02 points on Tuesday, up 42.60 points, or 1.54 percent, from the previous close. Real Estate and financial shares led the surge.

Markets slid Monday despite Shang's remarks as dealers said investors were looking for concrete action from the government to boost the market sentiment. The benchmark Shanghai Composite Index lost 2.52 percent, or 72.32 points, to 2,760.42 points on weak confidence.

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