GLOBAL MARKETS-Dollar, Chinese shares steady as Europe wobbles

29 May 2015 | Author: | No comments yet »

China stocks seesaw, investors jittery after big tumble.

HONG KONG (AP) — Chinese stocks seesawed on Friday as investors remained jittery a day after a sharp sell-off while other world benchmarks were uneven, as European shares slumped while Asian indexes finished higher. Among the reasons cited by analysts and state media for Thursday’s sell-off were stricter margin lending requirements by brokers; a Chinese sovereign wealth fund dumping shares in two state banks; the central bank draining liquidity from the market; and a wave of initial share offerings expected next week that will compete for Chinese investors’ money. ANALYST VIEW: The China “selling may just continue for a few days, as the scramble for the exit door intensifies,” Nicholas Teo of CMC Markets in Singapore said in a commentary.

ASIAN SCORECARD: The Shanghai Composite Index in mainland China finished 0.2 percent lower at 4,611.74 after spending the day swinging between gains and losses following its 6.5 percent tumble on Thursday.

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