Shanghai Stock Exchange probing into slow confirmation of stock transactions

SHANGHAI, Sept. 27 (Xinhua) — China’s Shanghai Stock Exchange said Friday it is probing into the slow confirmation of stock transactions found after the opening of Friday’s morning session.
The exchange will continue to keep investors informed, and investors may contact their designated securities firms for assistance if they encounter any problems or have any questions, it said in a statement.
China’s major stock indices surged in the morning session Friday. The benchmark Shanghai Composite Index rose 2.14 percent to 3,065.29 points at midday, and the Shenzhen Component Index soared 6.37 percent to 9,484.81.
China’s Nasdaq-style ChiNext surges as much as 12 percent shortly after the afternoon session opened.
The country’s stock market has been on a rising streak over the past few days with heavier trading. The turnover of stocks covered by the two major indices surpassed 1 trillion yuan (about 143 billion U.S. dollars) for the second consecutive day.
The recent stock market rally came in the wake of a slew of policies introduced by the government to prop up the economy.
At a Tuesday press conference, Chinese authorities including the central bank announced a raft of monetary stimulus, property market support and capital market strengthening measures to boost the country’s high-quality economic development.
Friday morning, the central bank slashed the reserve requirement ratio by 0.5 percentage points for financial institutions and cut the interest rate of seven-day reverse repos from 1.7 percent to 1.5 percent. ■