World
Chinese stock markets suspended as shares tumble
Beijing : Trading on China's stock markets were suspended on Monday after shares tumbled seven percent, triggering the new "circuit breaker" mechanism on the first trading day of 2016.
 
The early end to trading on Shanghai and Shenzhen bourses, the first in the history of China's stock markets, coincided with the launch of the automatic circuit breaker, designed to contain wild swings in the markets, Xinhua news agency reported.
 
The mechanism follows the Hushen 300 Index, which reflects the performance of both Shanghai and Shenzhen traded stocks.
 
When the Hushen 300 rises or falls by 5 percent, the circuit breaker imposes a 15-minute suspension of trading. If fluctuations hit the 7-percent mark, trading is terminated for the day.
 
At 1.12 p.m., trading was suspended for 15 minutes and, immediately after reopening at 1.33 p.m., the index fell a further two percent where upon trading ceased. 
 
When trading closed, the Shanghai Composite Index was down 6.85 percent, the smaller Shenzhen index down 8.16 percent, and the ChiNext Index, China's NASDAQ-style board of growth enterprises, down 8.21 percent. The sub-index for financial heavyweights, which tracks 51 banks and insurers, dropped 8.3 percent, with 16 financial firms falling by the daily limit of 10 percent.
 
CITIC Securities, China's largest brokerage firm, lost 9.82 percent to 17.45 yuan per share. Bank of China fell 3.49 percent to 3.87 yuan. China Construction Bank lost 3.11 percent to 5.6 yuan. China Life, one of the world's biggest life insurers by market value, lost 7.21 percent.
 
The decline is generally being attributed to downbeat market sentiment stemming from weaker than expected manufacturing activity in December and a steep fall in the yuan exchange rate on the day.
 
The Caixin General China Manufacturing Purchasing Managers' Index (PMI),released today, edged down to 48.2 in December from 48.6 in November.
 
The reading is the 10th month in a row below the 50-point level which demarcates contraction and expansion.
 
The market is also worried about the forthcoming annulment of a rule which restricts shareholders with holdings of more than five percent in a company in selling shares. 
 
The rule came into force in July to prevent free falls in the markets and expires on Friday, raising the possibility of a substantial sell-off.
 
In addition, about 9.27 billion lock-up shares in 34 companies, worth around 95 billion yuan, will become tradable this week.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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Pathankot attack: Himachal gives Rs.20 lakh each to two soldiers' kin
Shimla : The Himachal Pradesh government on Monday announced financial assistance of Rs.20 lakh each to the families of two soldiers from the state who were killed while fighting terrorists at the Pathankot Indian Air Force base.
 
Chief Minister Virbhadra Singh and Governor Acharya Devvrat expressed grief over the death of Havildar Sanjeevan Singh Rana, 50, of Siyun village in Kangra district and Havildar Jagdish Chand, 58, of Gola village in Chamba district.
 
In a message, the chief minister said they sacrificed their lives to maintain the unity, integrity and security of the nation.
 
Praying for peace to the departed souls, the governor said the nation was indebted to them for their supreme sacrifice.
 
Both the martyrs were cremated with full military honours in their native villages, which was attended by a large number of people.
 
Chand, who was among the first security personnel to engage the terrorists, managed to neutralise one of the attackers before being shot dead, said officials.
 
Chand, who is survived by his wife and three children, had joined duty at the Pathankot base a month ago after his transfer from Leh in Jammu and Kashmir.
 
After retiring from the Indian Army, he joined the Defence Security Corps.
 
Rana is survived by his wife Pinki Devi, two daughters and a son.
 
Serving in the Indian Army is a tradition with Rana's family as his father Rattan Singh was also an army man.
 
"It's a tragedy not for me but for the nation. I am proud my son sacrificed his life for the nation," Rattan Singh said with moist eyes.
 
Rana had retired from the Dogra Regiment in 2007 and joined the Defence Security Corps.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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COMMENTS

Shirish Sadanand Shanbhag

11 months ago

By giving Rs.20 lakh each to the family of bereaved constables of Defence Security Crops, Himachal Pradesh Government is not favouring the family.
These Havaldar's wives are not much learned, and this money will go to some of their relatives, who will grossly misuse them.
Instead of giving lumpsum, a monthly income of what they will get on this Rs20 lakh from a nationalised bank, like, Rs.14,000 (rupees fourteen thousand only)per month will greatly benefit such people.
Apart from this, their children's education till they are graduate should be free of charge. If school or college is available to them in their native place, then their daily transport charges totheir educational institution should be free of charge. If daily commutation is not feasible, then such student's boarding and lodging charges of the hostel should be borne by the government, apart from school and college fees.

Differential pricing of data shouldn't be market dominance tool: Nasscom
New Delhi : The National Association of Software and Services Companies (Nasscom) on Monday said differential pricing of data should not become a tool that facilitates market dominance or enables anti-competitive behaviour by either telecom service provider or platform provider.
 
"Differential pricing should not become a tool that facilitates market dominance or enables anti-competitive behaviour by either TSP or platform provider. It should not offer direct or indirect commercial benefit including leveraging the value of customer data generated in the process," Sanjiv Bikhchandani, chairman of the NASSCOM Internet Council, said.
 
"Further it should not offer lower prices for own or partner content or service. Instead of differential pricing for select data services for wide access, transparent business models should be adopted without segmenting the internet or skewing competition," he added.
 
"We reiterate our firm commitment to net neutrality that guarantees users rights to unfettered choice of content and to the creation of a conducive environment for continuous innovation," said NASSCOM president R. Chandrashekhar.
 
"We strongly oppose any model where TSPs or their partners have a say or discretion in choosing content that is made available at favourable rates, speed," Chandrashekhar said.
 
The regulator on December 9 said differential pricing of data services by various operators might potentially go against the principle of non-discriminatory tariff and sought comments or opinions from stakeholders.
 
It said some service providers were offering differential data tariff, either free or discounted, on certain contents of particular websites, applications or platforms.
 
"The objective of offering such schemes is claimed to be the desire of various service/content/platform providers to enable consumers, especially the poor, to access certain content on the internet free of charge," the sector regulator said.
 
It said potentially, both positive and negative effects arise from an economic and regulatory perspective where reduced rates are tied to specific content.
 
"On the one hand, it appears to make overall internet access more affordable by reducing costs of certain types of content. On the other hand, several negative effects might ensue. Differential tariffs result in classification of subscribers based on the content they want to access. This may potentially go against the principle of non-discriminatory tariff," it added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Manash kumar

4 months ago

Jaldi open kijiye sir ,,cab service. We are excited to work with reliance..than you
Reliance ki jay

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