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China rolls out emergency measures to prevent stock market crash

Investors talk in front of an electronic board showing stock information, filled with green figures indicating falling prices, at a brokerage house in NantongBEIJING/SHANGHAI (Reuters) - China's stock markets face a make-or-break week after officials rolled out an unprecedented series of steps at the weekend to prevent a full-blown stock market crash that would threaten the world's second-largest economy. In an extraordinary weekend of policy moves, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China's state-backed margin finance company which in turn would be aided by a direct line of liquidity from the central bank. China has also orchestrated a halt to new share issues, with dozens of firms scrapping their IPO plans in separate but similarly worded statements over the weekend, in a tactic authorities have used before to support markets.


69 Chinese mutual funds will support effort to stabilize stock market

BEIJING (Reuters) - More Chinese mutual funds said on Sunday that they will invest to stabilize China's stock market, following a statement by the China Mutual Fund Association on Saturday, in which 25 fund companies committed to buying shares.

China stock regulator says it will continue vetting IPOs

China's securities regulator said it will not stop vetting news initial public offerings, it said on Sunday, after share sales were postponed by 28 companies on Saturday because of recent market volatility. The Wall Street Journal reported on Saturday, citing unidentified sources, that the government had decided to suspend IPOs to help to stabilize the stock market. In a statement posted on its official weibo, the China Securities Regulatory Commission said there will not be new IPOs in the near term but it will not stop vetting new deals.

Malaysia's opposition demands emergency debate on PM after graft allegations

Malaysia's Prime Minister Najib Razak arrives to break fast at Saujana Menteri Besar in Malaysia's southern state of JohorBy Praveen Menon and Trinna Leong KUALA LUMPUR (Reuters) - Two of Malaysia's main opposition parties on Sunday demanded an emergency sitting of parliament to discuss Prime Minister Najib Razak's future as tensions mounted over a report that linked him to probes into alleged corruption involving state fund 1MDB. A Wall Street Journal (WSJ) report published on Friday said investigators had traced nearly $700 million to bank accounts they believed belonged to the prime minister. Najib has denied taking any money from the debt-laden state fund or any other entity for personal gain, and on Sunday said he had referred "wild allegations" against him to lawyers and would decide any legal steps in a few days.


Chinese officials, investors hope new support steps will stave off stock crash

Investors talk in front of an electronic board showing stock information, filled with green figures indicating falling prices, at a brokerage house in NantongBy Pete Sweeney SHANGHAI (Reuters) - China's stock markets may be facing a make-or-break week after officials rolled out an unprecedented series of steps at the weekend to prevent a full-blown stock market crash that could threaten the world's second-largest economy. An online survey by fund distributor eastmoney.com over the weekend, which polled over 100,000 individuals, said investors believed stock indexes would rise over 5 percent on Monday.


China curbs IPOs, enlists brokers in all-out bid to end market rout

An investor is reflected on an electronic board showing stock information at a brokerage house in ShanghaiBy Michael Martina and Samuel Shen BEIJING/SHANGHAI (Reuters) - Beijing intensified efforts at the weekend to pull China's stock markets out of a nose-dive that is threatening the world's second-largest economy, with top brokerages pledging to buy massive amounts of shares and a report that the government has set up a market stabilisation fund. Beijing has also suspended new share offers in an attempt to take pressure off the market after a 30 percent plunge in three weeks, the Wall Street Journal said. The reported suspension of initial public offers (IPOs) came a few hours after extraordinary announcements by major brokers and fund managers, which collectively pledged to invest at least $19 billion of their own money into stocks.


MIDEAST STOCKS-Egypt halts decline as mid-caps lend support

DUBAI, July 2 (Reuters) - Bargain hunters helped Egypt's stock market arrest its seven-week slump on Sunday, though air strikes in North Sinai and Greece referendum worries limited gains. Cairo's benchmark index was little changed as mid-cap companies dominated trading volumes, with Palm Hills Development Company gaining 1.9 percent and Global Telecom up 2 percent. Shares in Emaar Misr, the Egyptian arm of Dubai real estate developer Emaar Properties, climbed by 3.94 Egyptian pounds ($0.51) on its market debut. The developer set the initial public offering (IPO) price at 3. ...

China arrests man for suicide "rumours" amid stock market rout - state TV

Chinese authorities have arrested a man who allegedly spread rumours about people in Beijing jumping off buildings in response to a stock market crash, state television reported on Sunday. The 29-year-old man, surnamed Tian, was detained for "disorderly behaviour", China Central Television said. The post in question could not be found on Sunday, and may have already been deleted by censors, who strictly control what can be said on Chinese social media.
 
 
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