New rules to curb stock price fluctuation

时间：2007-08-20 05:59:08

（单词翻译:单击）

Aug. 20 - The Shanghai Stock Exchange (SSE) on Sunday announced new rules for stock trading to prevent and curb1 irregularities.

 

The new rules, targeted mainly at "abnormal price fluctuations2", are expected to curb insider trading, excessive speculation4 and price rigging, an SSE statement said. They will become effective from September 1.

 

The SSE will target stocks with limitless price fluctuation3 and will have the right to suspend them from trading for up to 30 minutes on a day they surge above 100 percent or drop below 50 percent of their opening prices.

 

The rule will be used to prevent excessive speculation on newly issued and debuting5 stocks, the SSE said.

 

Sichuan Changjiang Packaging Holding Co stocks jumped 491.9 percent the day they resumed trading after a four-and-half-month suspension. The SSE suspended its trading in the afternoon.

 

The second new rule is targeted at curbing6 insider trading. The SSE will have the right to suspend the trading of stocks that surge or drop dramatically for two consecutive7 days and if more than 30 percent of their total daily turnover8 comes from one branch office of a securities companies.

 

The stocks can only resume trading at 10:30 am on the day a company makes a formal clarification and if the authorities accept it.

 

This has happened with Hangxiao Steel Structure. Hangxiao's stocks rose 77 percent in six days leading up to March 13, when the company issued a statement to the SSE saying that it had signed a contract worth 34.4 billion yuan ($4.43 billion) for a construction project in Angola.

 

Incidentally, Hangxiao's turnover from Changjiang Securities' Hangzhou branch accounted for 33.74 percent and 64.7 percent of its total turnover on February 12 and February 13, the government watchdog suspicious and prompting it to investigate the issue.

 

The third rule will be used to curb investors9' excessive speculation on penny worth stocks, the SSE said. Special treatment (ST) stocks, which are allowed a 5 percent daily fluctuation, can be suspended from trading if they touch the daily limit at close for three consecutive days.

 

The stocks can only resume trading at 10:30 am a day after issuing a clarification acceptable to the authorities.

 

The Shanghai Stock Exchange said it would announce the names of the five branch offices that have the largest buying or selling amount a day after trading to better check irregularities.

 
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1 curb LmRyy     
n.场外证券市场，场外交易；vt.制止，抑制
参考例句：
  • I could not curb my anger.我按捺不住我的愤怒。
  • You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。
2 fluctuations 5ffd9bfff797526ec241b97cfb872d61     
波动，涨落，起伏( fluctuation的名词复数 )
参考例句：
  • He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
  • There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。
3 fluctuation OjaxE     
n.(物价的)波动，涨落；周期性变动；脉动
参考例句：
  • The erratic fluctuation of market prices are in consequence of unstable economy.经济波动致使市场物价忽起忽落。
  • Early and adequate drainage is essential if fluctuation occurs.有波动感时，应及早地充分引流。
4 speculation 9vGwe     
n.思索，沉思；猜测；投机
参考例句：
  • Her mind is occupied with speculation.她的头脑忙于思考。
  • There is widespread speculation that he is going to resign.人们普遍推测他要辞职。
5 debuting f920929230342afd9ba9d25030d4cbc9     
初次表演，初次登台（debut的现在分词形式）
参考例句：
  • New debuting analog thermostat welding machine, easy to operate. 新登场模拟式调温电焊台，操作简单。
  • With the new tablet device that is debuting next week, Apple Inc. 苹果公司的新型平板电脑将于下周发布。
6 curbing 8c36e8e7e184a75aca623e404655efad     
n.边石，边石的材料v.限制，克制，抑制( curb的现在分词 )
参考例句：
  • Progress has been made in curbing inflation. 在控制通货膨胀方面已取得了进展。
  • A range of policies have been introduced aimed at curbing inflation. 为了抑制通货膨胀实施了一系列的政策。
7 consecutive DpPz0     
adj.连续的，联贯的，始终一贯的
参考例句：
  • It has rained for four consecutive days.已连续下了四天雨。
  • The policy of our Party is consecutive.我党的政策始终如一。
8 turnover nfkzmg     
n.人员流动率，人事变动率；营业额，成交量
参考例句：
  • The store greatly reduced the prices to make a quick turnover.这家商店实行大减价以迅速周转资金。
  • Our turnover actually increased last year.去年我们的营业额竟然增加了。
9 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会

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