Funds News
- No directive to sell shares: funds
Date: 13-Nov-2007 Sources: (Shenzhen Daily)
THE securities regulator hasn't issued a directive to domestic funds to cut back on their stock investments to cool an overheated market, senior executives from five large funds said.
'We have never heard of such a thing,'said a Shanghai-based senior fund manager at a big fund.
There were rumors in the market earlier yesterday that the China Securities Regulatory Commission (CSRC) had recently issued a directive urging funds not to load up on blue chips. The rumors partly contributed to a sharp fall in China's stock markets, sending the benchmark Shanghai Composite Index to close down 2.4 percent at 5,187.74.
A person familiar with the situation said the country's securities regulator would never tell funds what to do with investments.
'The CSRC only tells funds not to do things that aren't appropriate, such as using misleading advertisements to entice retail investors,'the person said.
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