China stocks fall on speculation crackdown, IPOs; Hong Kong shares rise

lunes 1 de agosto de 2016 00:59 GYT
 

* CSI300 -1.1 pct; SSEC -1.3 pct; HSI +1.3 pct

* Tightened regulation hurt sentiment - trader

* Nine companies launch IPOs this week in China

SHANGHAI, Aug 1 (Reuters) - China stocks slumped more than 1 percent on Monday morning as a crackdown by regulators on speculation led investors to dump small caps ahead of a fresh wave of initial public offerings (IPOs).

But Hong Kong shares rose sharply, as Asian shares hit a one-year high after disappointing United States economic growth data reduced expectations of imminent U.S. rate hikes.

China's blue-chip CSI300 index fell 1.1 percent, to 3,167.65 points by lunch break, while the Shanghai Composite Index lost 1.3 percent, to 2,942.24 points.

Small-caps were among the worst casualties, with Shenzhen's start-up board ChiNext tumbling more than 2 percent.

"We have seen an escalation in regulatory oversight," said Wu Kan, head of equity trading at investment firm Shanshan Finance.

"It's good for the market in the long term, but it hurts sentiment in the short term."   Continuación...