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China brokerages pledge continued efforts to support stock index

Xinhua, November 29, 2015 Adjust font size:

Major Chinese brokerages have pledged that they will continue to actively buy stocks as promised during the market turmoil despite securities watchdog scrapped compulsory net purchase orders on them.

An unnamed executive of Guotai Junan Securities told the China Securities Journal that the company will keep the promise of "not selling the stocks they held as of July 3 and will buy more when the benchmark Shanghai Composite Index (SCI) is below 4,500 points."

"Other brokers also agreed because we made the promises on our own, and the measures were positive in helping the market go through volatile period," the executive was quoted by the newspaper.

The SCI fell 5.48 percent to close at 3,436.3 points Friday, the largest decline since Aug. 24.

The China Securities Regulatory Commission (CSRC) scrapped compulsory net purchase orders on securities traders Friday to allow them trade freely on market conditions.

The move is considered a reflection of CSRC's confidence in the stock market that experienced major plunges this summer. The CSRC just resumed IPOs earlier this month.

The CSRC ordered securities traders to buy more stocks than they sold in July during market fluctuations.

Twenty-one major securities brokers convened on July 4 and vowed a string of measures to "firmly" stabilize the country's stock market, including pumping in money to buy stocks and setting up exchange traded funds to track blue chips. Endi