China stocks fall despite tighter trading rules, central bank comments

lunes 7 de septiembre de 2015 04:38 GYT

* CSI300 -3.4 pct, SSEC -2.5 pct

* New futures policy, governor comments fail to reassure

* Futures prices up, volumes sharply down (Add quotes, details)

SHANGHAI, Sept 7 (Reuters) - Financial shares led Chinese equities lower on Monday as tighter futures-trading rules and supportive comments by China's central bank governor failed to stem afternoon selling pressure on the first trading day since Wednesday.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 3.4 percent, to 3,250.49, while the Shanghai Composite Index lost 2.5 percent to 3,080.42 points.

Equities rallied in the morning, which analysts linked to regulators' move to further restrict futures trading, announced late Wednesday before a two-day holiday break. Authorities have blamed recent equity market declines in part on shorting in the futures market.

Stocks also appeared to be boosted early by Saturday comments by Zhou Xiaochuan, the governor of China's central bank, speculating that the stock correction was nearing its end.

At one point Monday morning, the CSI300 September futures contract hit the limit up of 10 percent. At the day's end, it was up 2.2 percent.

"The big rise in the futures this morning was definitely related to the new rules," said Zhang Qi, an analyst at Haitong Securities in Shanghai. "It's now even more difficult to take short positions."   Continuación...