A trader follows the trend of the stock market File photo: VCG
China’s Shanghai and Shenzhen stock exchanges announced regulatory measures of suspending stock trading for 15 days of accounts that are detected for market manipulation of two listed companies, including Nanjing Chemical Fiber and Zhongtong Bus Holding Co.
Shares of Nanjing Chemical Fiber fell by daily limit of 10 percent on Wednesday to 6.75 yuan ($0.95), while the bus manufacturer Zhongtong dropped by 4.21 percent to 11.38 yuan during the morning session.
Both companies reported abnormal price swings recently. After rising for a consecutive of six days by the daily 10 percent limit, shares of Nanjing Chemical Fibre opened trading up 10 percent to 8.34 yuan on Monday. However, the company’s shares tumbled to 6.82 yuan at 2:36 pm – almost the same time that a social media post predicted such a price move – to finish the day down 10 percent.
“(Nanjing Chemical Fibre’s…
