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1st LD-Writethru: China stocks fall after rollercoaster ride Thursday

Xinhua, September 17, 2015 Adjust font size:

Chinese shares experienced a rollercoaster ride on Thursday following Wednesday's sharp rise, with the benchmark Shanghai Composite Index down 2.10 percent to end at 3,086.06 points.

The Shenzhen Component Index dropped 1.52 percent to close at 9,739.89 points.

Total turnover on the two bourses was 698.04 billion yuan (109.66 billion U.S. dollars), up from the 566.78 billion yuan registered on Wednesday.

The major index bounced back from morning losses to rise above 3,200 points in the early afternoon, before ending sharply lower at below 3,100 points, evidence of a lack of investor confidence.

The index jumped 4.89 percent on Wednesday after two days of declines and following gains overnight on U.S. equities.

Thursday's sharp recession came after the anti-corruption watchdog's announcement on late Wednesday that the assistant chairman of China's securities watchdog, the China Securities Regulatory Commission, Zhang Yujun, was being investigated for "serious violations of the law."

Three senior executives from China's top securities broker, CITIC Securities Co., Ltd., are also being investigated for alleged insider trading and leaking inside information, police announced earlier Tuesday.

China's stamp tax on stock trading, a signal of the government's stance on the stock market, hit 26.5 billion yuan (4.2 billion U.S. dollars) in August, 4.4 times the volume seen in the same period last year, as the sell-off continued despite government support policies, data from the Ministry of Finance showed earlier.

The stamp tax on stock trading is currently set at 0.1 percent of the trading price. Two cuts in stamp tax in 2008 both resulted in a surge of more than 9 percent in the Shanghai index.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, gained 0.37 percent to close at 1,933.30 points. Endi