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 Destructive statists: China shares plummet on margin lending crackdown

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Destructive statists: China shares plummet on margin lending crackdown Vide
PostSubject: Destructive statists: China shares plummet on margin lending crackdown   Destructive statists: China shares plummet on margin lending crackdown Icon_minitimeTue Jan 20, 2015 2:37 am
Chinese equities have plunged the most in more than five years, led by brokerages, after regulatory efforts to rein in record margin lending sparked concern that speculative traders will pull back from the world's best-performing stock market.

Destructive statists: China shares plummet on margin lending crackdown 1421644010726

The Shanghai Composite Index was down 6.3 per cent to 3163.72 around midday local time, poised for the steepest drop since August 2009. Citic Securities and Haitong Securities, the nation's two biggest listed securities firms, fell by the 10 per cent daily limit after they were suspended from lending money to new equity-trading clients. The stock gauge's 30-day volatility rose to a five-year high.

The penalties have raised concern that policy makers are trying to curb a surge in stock purchases using borrowed money, after outstanding margin loans surged to 1.08 trillion yuan ($210 billion) as of January 13 from about 400 billion yuan at the end of June.

The Shanghai Composite index has jumped 61 per cent during the past 12 months on record volumes as individual investors piled into the market.

Read more: http://www.smh.com.au/business/markets/china-shares-plummet-on-margin-lending-crackdown-20150119-12tet5.html#ixzz3PLNMoXEv
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