Shanghai Stock Exchange Hit by Trading Glitch in Red-Hot China Market

By Sherry Qin

China's Shanghai Stock Exchange has reported slow trading, coming as Beijing's multi-billion dollar economic rescue package sparks a markets rally.

The benchmark index said stock bidding transaction confirmations were "abnormally slow" at the start of trading on Friday.

The Shanghai index is on track for its best week in over 15 years, as policymakers' stimulus announcements revives appetite for Chinese stocks. The index was up 2.1% by midday, after ending 3.6% higher on Thursday.

The slowdown lasted around an hour, with trading activity having gradually returned to normal, according to a chart on data platform Wind Information.

Chinese equities have been on a tear since the central bank unveiled a package of monetary easing on Tuesday, including measures to boost stock markets. China's Politburo then pledged to step up fiscal support and stabilize the ailing property sector, which has long been weighing on the country's equity markets and economy.

The combined turnover of stocks in Shanghai and Shenzhen markets surpassed 1 trillion yuan on Wednesday and Thursday, equivalent to $142.63 billion, according to data by Wind Information.

"Our firm has paid attention to the relevant situation as soon as possible and is investigating the relevant reasons," SSE added.

Write to Sherry Qin at sherry.qin@wsj.com

(END) Dow Jones Newswires

September 27, 2024 01:09 ET (05:09 GMT)

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