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Chinese stocks fall after probes of brokers launched
Currency traders watch screens showing the Korea Composite Stock Price Index (KOSPI), left, and foreign exchange rate at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Nov
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Currency traders watch screens showing the Korea Composite Stock Price Index (KOSPI), left, and foreign exchange rate at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Nov. 16. (AP/Ahn Young-joon) (KOSPI), left, and foreign exchange rate at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Nov. 16. (AP/Ahn Young-joon)
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span class="inline inline-center">Currency traders watch screens showing the Korea Composite Stock Price Index (KOSPI), left, and foreign exchange rate at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Nov. 16. (AP/Ahn Young-joon)
China's main stock market index fell more than 5 percent after two of the country's biggest securities firms announced they are under investigation for possible misconduct.
The Shanghai Composite Index on Friday fell 5.2 percent before recovering slightly. The decline was led by CITIC Securities and Guosen Securities, which fell by the full 10 percent daily limit following announcements by both that they were under investigation.
A growing string of Chinese securities executives have been detained or questioned by regulators following a plunge in share prices that began in early June.
The announcements by CITIC and Guosen were the first that brokerages themselves were being investigated. (kes)(+)
