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The investor tide is starting to recede a fraction in the Chinese A-share market with the number of people opening accounts dipping below 100,000 for the seventh consecutive day.
Statistics from China Securities Depository and Clearing Co. Ltd. show that only about 79,500 new accounts were registered on Tuesday (July 10)聽in the A-share market, the major stock market in China.
More than 100,000 new accounts have been opened daily on the Chinese stock market since March 12 as share prices surged in spectacular fashion. The number dropped to 99,957 on July 2 and has stayed under 100,000 since.
The strong market has attracted more than 29.24 million new accounts to the Shanghai and Shenzhen stock markets, including 19.2 million A-share accounts.
By Tuesday, the total accounts on both Shanghai and Shenzhen stock markets - A-share accounts, B-share accounts and managed fund accounts - had reached 107.8 million.
China's benchmark index - the Shanghai Composite Index - climbed from 2675.47 points at the end of last year to peak at 4544.47 points on May 29. The index has seesawed since the Chinese government, determined to rein in the runaway growth of stocks, raised the stamp tax on securities trading on May 29.
Editor: Wing
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