Chinese stocks rose sharply yesterday after Chinese authorities announced new steps to curb short-selling, as part of their raft of steps to support share markets that lost more than 30 percent of their value after a June peak.
The Shanghai Composite Index climbed 3.7 percent in its biggest daily gain since July 10 to end at 3,756.54 points, ending three straight days of loss.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 3.1 percent, during its third consecutive session of gain, and closed at 3,948.16.
Both the Shenzhen and Shanghai stock exchanges unveiled measures that make it more difficult for speculators to profit from hourly gyrations in stock prices.
The exchanges late on Monday said in separate statements that investors who borrow shares must wait until the next day to pay back the loans, instead of settling the same day as under previous rules.
By obliging short-sellers to maintain their position overnight the new rules expose them to greater risk.
The Shanghai exchange statement said in its statement that the move aimed to improve risk management and protect market order.
The bourse said separately that it had suspended four more stock trading accounts for “abnormal” transactions.
State media reported the move brings the number of restricted accounts on the two exchanges to at least 38.
The markets yesterday regained ground as major brokerages Citic Securities Co (中信證券) and Huatai Securities Co (華泰證券) said they would temporarily halt their short-selling services.
They were joined by smaller rival Great Wall Securities Ltd (長城證券).
Analysts said some investors took to the sidelines in the volatile market, waiting to see the government’s next move.
Additional reporting by AFP
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”