China’s stock market posted its biggest one-day fall in two weeks on Thursday, as investor interest in blue-chips suddenly cooled after regulators tightened rules for insurers investing in listed firms.
The blue-chip CSI300 index fell 1.0 per cent to 3,829.40, while the Shanghai Composite Index lost 0.6 per cent to 3,612.49 points. Both indexes had the worst day since December 8.
Blue chips have been buoyant recently amid signs that cash-rich insurers were on a year-end shopping spree as they aggressively built positions in modestly-valued big caps — in some cases becoming listed firms’ major shareholders.
But the game of betting on insurers’ next acquisition targets ground to a halt after regulators had issued rules late on Wednesday demanding more detailed disclosures when their holdings in a listed company amount to 5 per cent.
Such measures, which make insurers’ stock investments more cumbersome, hit the shares of companies investors had bet would attract more investment from them.
Retailer Dashang Co Ltd tumbled 7.6 per cent, developer Gemdale Corp slumped 9 per cent and Chinese traditional medicine maker Beijing Tongrentang tanked 6.9 per cent.
Most sectors fell, with property shares leading the decline.
JD.Com Inc (ADR) (NASDAQ:JD) closed U.S. trading at $32.58 up0.12% from previous close. The year-to-date (YTD) performance reflected a 40.80% above last year. During the past month the stock gains 7.35%vbringing three-month performance to 25.60% and six-month performance to -2.62% .If we take a look on its volatility, 1.80% was seen in a week and for the month it was 2.86%.
Shares of 58.com Inc (ADR) (NYSE:WUBA) traded down -0.79% during last trading session on a U.S. exchange, closing at $66.18. The company now has a market value of $9.21B. The stock, after recent close, is 16.81% above their SMA 50 and -20.94% below the 52-week high. The worst hit in its 52 week range is $37.15 per share, with $83.71 as its 52 week best price. Its latest closing price has a distance of 16.81% from SMA20 and is 11.79% up than SMA200.
Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP) settled at $48.74 during New York trading, down -0.81% from previous close and at a distance of -4.34% from 20-day simple moving average. In the last trading session, the stock’s price moved 30.27% above its 200 day moving average. The stock is currently trading 2.21% above its SMA 50. This stock is more risky when compared to the shifts in the equity markets as its beta value is standing at 1.59.