KBC to Invest in Chinese Capital Market
KBC Group NV, a Belgian financial services provider, has received regulatory approval to invest in China's capital markets under the Qualified Foreign Institutional Investor (QFII), Reuters reports. The company - which currently has offices in Shanghai, Shenzhen and Nanjing - still needs to be allocated an investment quota from the State Administration of Foreign Exchange in order to start business operations.
Chinese Stock Markets Still Weak After Record Losses
No rebound on China's stock markets after last week's record losses. On
Monday, the Shanghai Composite closed flat at 2,874.10 points while the
A-share Index in Shenzhen fell 1.87 per cent and closed and at 879.25
points. Last week was terrible for investors as the Shanghai Composite Index
and the Shenzhen Component Index fell 13.8 per cent and 15.3 per
cent, respectively. These were the biggest one-week losses since
December 1996, state media reports. Shanghai's stock market has lost 45
per cent year-to-date, and closed at 2868.8 points on Friday. In
Shenzhen, the index closed at 9,936.73 points. Several large companies,
including China Construction Bank, Citic Bank, Bank of Communications,
China Pacific Insurance and PetroChina, saw their shares fall below the
issue price.
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