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Chinese authorities have been throwing almost everything in to stem a stock market crash, must be breathing some air of relief as the benchmark index, CSI 300 rose 5.76% today, and posing best recovery since 2009.
However, the rally is not as good as it looks to outside. Trading was suspended in another 194 companies today, making 50% of the free float market in freeze territory.
Naturally with such huge suspension, today's close to 6% rally, hardly presents true picture.
Last night Chinese authorities took further steps to calm the market.
Investors with large stake holding (above 5%) in any company listed were banned from selling in the market for next six months. This move though unlikely to affect small retail investors is a head ache for owners, who were planning to liquidate their holdings.
Authorities have asked banks and insurance houses, who provide margin financing to brokers to restructure their loans and barred them from demanding the money back before restructured deadline.
CSI 300 closed at 3709 today, still down close to 28% in last one month.
