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China's neighbors step up stock market support
From Bloomberg News
Sunday, August 23, 2015
China isn't the only country resorting to extraordinary measures to shore up its tumbling stock market.
Taiwan on Sunday slapped a ban on short-selling of borrowed stocks at prices lower than the previous day's close, while South Korea's finance ministry said it will act "pre-emptively" after the nation's largest exchange-traded fund suffered the biggest weekly withdrawal since its inception 15 years ago. China itself said over the weekend it will allow pension funds to invest in stocks for the first time, while penalizing major shareholders at publicly traded companies for violating rules that limit stake sales. ...
... Dispatch continues below ...
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In South Korea, financial authorities were ordered to hold meetings to monitor the markets and implement measures when necessary, the country's Financial Services Commission said. ...
Taiwan's financial watchdog imposed the ban on short-selling of borrowed stocks and depository receipts, the Financial Supervisory Commission announced. The measure will take effect on Monday, it said.
While the rule doesn't apply to brokerages and futures brokers who are shorting for hedging purposes, the regulator is working to encourage the financial industry to hold shares of listed companies, it said on its website. Taiwan's benchmark index fell 5.2 percent last week.
In Indonesia, the nation's largest fund manager is taking the slump that's driven stocks into a bear market as the cue to start buying again.
BPJS Ketenagakerjaan, which manages around 193 trillion rupiah ($13.8 billion), will enter the equities market along with other state-owned institutional investors, Elvyn Masassya, its president director, said in a text message on Sunday. Shares are "relatively cheap," he said, without naming any.
China's securities regulator said late Friday it will penalize major shareholders at publicly traded companies, such as Southwest Securities Co. and Guoxing Rongda Real Estate Co., for violating rules that limit stake sales. ...
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2015-08-23/china-now-has-company-...
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