China Trading Halts Slip After Rally With 47% Still FrozenFox Hu
The number of companies with trading suspensions on mainland Chinese exchanges fell as the nation’s stock indexes rebounded.
About 1,365 companies have halted trading, equivalent to 47 percent of total listings on Friday, down from 1,439 or 50 percent a day earlier, according to data compiled by Bloomberg. Current suspensions have locked up about $2.4 trillion worth of shares, or 36 percent of China’s market capitalization.
The Shanghai Composite Index surged the most in six years years on Thursday after the securities regulator banned major stockholders from selling stakes in listed companies for six months and permitted banks to roll over loans backed by shares. The government widened the scope of support measures after earlier interventions failed to stop a selloff that wiped out $3.9 trillion in less than a month.
The benchmark equity gauge rose 5.2 percent at 10:18 a.m. local time Friday. Among shares that were trading, only two stocks fell, while 724 advanced. The Shenzhen Composite Index of stocks on the smaller of China’s two exchanges climbed 4.1 percent, after gaining 3.8 percent on Thursday.
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