China stocks fall 2 pct as speculators bail out of concept stocks

miércoles 27 de julio de 2016 01:11 GYT

* CSI300 -2 pct, SSEC -2.1 pct

* His -0.1 pct, HSCE -0.2 pct

SHANGHAI, July 27 (Reuters) - China stocks fell sharply on Wednesday as investors took profits from recent gains and as speculators ejected from hot "concept stocks" following a regulatory crackdown.

The CSI300 index fell 2 percent to 3,203.5 points by early afternoon, while the Shanghai Composite Index lost 2.2 percent, to 2,983.9.

China CSI300 stock index futures for August fell 2.0 percent to 3,173.2, -44.97 points below the current value of the underlying index.

"Investors believe there will no monetary easing any time soon," said Xiao Shijun, analyst at Guodu Securities in Beijing.

"That means the market lacks a driving force while there is also no other major news around the corner."

Another factor at play was an apparent withdrawal from hot concept stocks which rose sharply earlier in the week.

The Shenzhen Stock Exchange announced on Monday it would require greater disclosure from companies experiencing sharp, unexplained movements in their share values, which in the past has been associated with insider trading and market manipulation.   Continuación...