Fund managers told to support stock market post-quake
16 May 2008
The China Securities Regulatory Commission (CSRC) told fund managers Wednesday to refrain from excessive trading following Monday's earthquake in Sichuan province, the South China Morning Post reported. Three fund managers reported that their companies received calls from CSRC officials. "They didn't give a flat-out order [not to sell shares], but it was apparent that the regulator was requiring the funds not to dump shares at that critical moment," said a Shanghai-based trader. The benchmark Shanghai Composite Index rose 2.73% on Wednesday on increased buying of commodities producers, who are believed to benefit from earthquake reconstruction efforts.