The National Stock Exchange (NSE) of India is going to indefinitely defer the internal deadline set for extending trading hours, according to sources in the know. The exchange aimed to introduce a three-hour evening session exclusively for index derivatives by March 2024, contingent upon regulatory clearance from the Securities and Exchange Board of India (Sebi). Sources indicate that the market regulator has not provided a favourable indication, dimming optimism surrounding the proposal.
Jack Ma, China's billionaire and founder of e-commerce giant Alibaba, has travelled to Europe for an agriculture study tour, his first trip abroad since he ran into trouble with the Chinese government last year over violating anti-monopoly regulations.
The bank's net interest income, or revenue from borrowers minus interest paid to depositors, rose 15.2 per cent from the previous year to 417.8 billion yuan, according to the company's annual report filed to the Shanghai Stock Exchange.
The market capitalisation of China, the world's second-largest economy, has topped $10 trillion for the first time.
Markets rallied because of huge inflows by overseas investors.
Jack Ma, founder of China's e-commerce giant Alibaba suffered a major setback on Tuesday as Shanghai and Hong Kong Stock Exchanges suspended dual listing of the shares of his world's biggest initial public offer of $39.7 billion of the group's subsidiary - the Ant Group, 48 hours before the highly-anticipated trading was due to start. The Shanghai Stock Exchange surprised market investors with an abrupt announcement late on Tuesday that it will suspend Ant Group's IPO, as regulators and the public debate the balance between financial innovation and risk control, state run Global Times reported. According to media reports, the Hong Kong exchange followed suit several minutes later.
Shanghai Gold Exchange plans to open a centre at GIFT City, in partnership with BSE or NSE
China now world's second largest share market, India is 7th
At the end of October, Sri Lanka President Maithripala Sirisena handed over the deeds for the transfer of 116 hectares in Colombo Port City to China Harbour Engineering Company on a 99-year lease to build a financial centre.
China is battling a property downturn, industrial overcapacity, sluggish demand and struggling exports.
Top companies in China are valued at 7.7 times the trailing 12-month earnings against a P/E ratio of 18.6 times for Nifty 50 companies.
China had been trying hard to enter the Indian market, without opening its own to Indian products. There is an economic crisis in India-China relations that the Chennai Connect barely scratched the surface, points out Srikanth Kondapalli.
US crude was down 25 cents at $52.08.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen ended at 3,355.16 points and the Shanghai Composite Index at 3,116.35.
Seeking to retain its manufacturing prowess, Chinese government has launched a "Made in China" campaign with a host of tax concessions coinciding with Prime Minister Narendra Modi's "Make in India" pitch.
Shanghai's benchmark share index plunged below 4,000 points for the first time since April
'China could place the currency on a par with global biggies. But it has to wait to be a serious challenger.'
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