With shares soaring and turnover reaching 710 billion yuan in the first hour of trading on Friday, Shanghai’s stock exchange was marred by glitches in processing orders and delays, according to messages from brokerages seen by Bloomberg News. The Shanghai Stock Exchange is investigating reasons for delays, it said in a statement.
The Shanghai Composite Index stayed roughly unchanged from 10:10 a.m. for about an hour even as the Shenzhen composite gained 4.4% over the period. As trading resumed, the Shanghai index surged. The Politburo, comprised of the ruling Communist Party’s 24 most-senior officials including President Xi Jinping, vowed to strengthen fiscal and monetary policies and pledged to “strive to achieve” the annual goal, according to a Thursday statement. They also committed to action to make the property sector “stop declining,” their strongest vow yet to stabilize the crucial industry.
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