SHANGHAI, Oct 18 (Reuters) - Chinese stocks closed more than 3 percent lower
on Thursday, their biggest drop in five weeks, on news that Beijing was
studying a proposal to permit the exchange of shares listed in both the
domestic stock market and Hong Kong.

Such an arbitrage scheme could drag down the prices of domestic shares by
shrinking the vast premiums, now averaging nearly 50 percent, of A shares
over Hong Kong-listed H shares.


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