KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
China's securities regulator is expected to promote Li Ming, its head of law enforcement, to vice chairman, four sources said. This move highlights Beijing's focus on tightening oversight of the 37 trillion yuan (US$5.1 trillion or RM23.58 trillion) stock market.
Li Ming, currently chief of the enforcement bureau at the China Securities Regulatory Commission (CSRC), will replace vice chairman Fang Xinghai, who is set to retire soon, according to three of the sources with direct knowledge of the matter.
Li's promotion aligns with President Xi Jinping's goal to foster a capital market that channels resources into strategic sectors like chip-making and high-end manufacturing amid growing economic competition with Europe and the US.
Under chairman Wu Qing, the CSRC has vowed to regulate the market with "teeth and thorns." Li's promotion is in process and will be announced in due time, said one source.
As head of the enforcement bureau, Li is responsible for probing illegal securities activities, handing criminal cases to authorities, and facilitating cross-border investigations. In February, Li committed to cracking down on insider trading, market manipulation, and securities fraud to protect investors.
A CSRC veteran, Li started in the regulator's Listing Department before heading the China's National Equities Exchange in 2016. He returned to the Listing Department as director general in 2020 and was appointed to lead the enforcement bureau in 2022.
China's regulators have been scrutinizing old business deals and senior executives' personal bank accounts, ramping up IPO inspections, leading firms to drop listing plans and investment banks to cut jobs and pay. This scrutiny aligns with a "common prosperity" drive to address social and income inequality as economic growth slows.
China aims to "tighten regulation to promote the sound and stable development of the capital market," according to a resolution from a key Communist Party meeting earlier this month.
Fang Xinghai, Li's predecessor, is known for market-oriented reforms and has opened China's stock and bond markets wider to foreign investors. However, the CSRC has recently restricted short-selling and cracked down on computer-driven quant funds to reduce market volatility.
Fang, educated at Stanford, previously worked as an economist at the World Bank and held positions at the China Construction Bank and Galaxy Securities. He was also deputy general manager of the Shanghai Stock Exchange and promoted Shanghai as a financial center.
Key Takeaways:
- Li Ming, head of law enforcement at CSRC, is likely to be promoted to vice chairman.
- Li will replace retiring vice chairman Fang Xinghai.
- Li's promotion aligns with President Xi Jinping's focus on strategic sector investments.
- CSRC has pledged stricter market regulation under chairman Wu Qing.
- China's regulators are intensifying IPO inspections and scrutinizing business deals.
- Fang Xinghai is known for market reforms and opening markets to foreign investors.
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