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Shanghai exchange halts stock account for suspect trading

(Shanghai Daily)
Updated: 2007-04-19 13:48

The Shanghai Stock Exchange has halted trading in a stock account that partly contributed to recent wild swings in share prices of listed firms including Hangxiao Steel Structure Co, sources close to the bourse said yesterday.

The account, opened at a Shanghai-based outlet of Orient Securities Co, deliberately pushed up prices of Hangxiao and several other companies, the sources said.

China's stock regulators this month launched a probe into Hangxiao, whose shares had skyrocketed before the company unveiled orders worth 34.4 billion yuan (US$4.45 billion) for building materials and services in Angola.

Hangxiao said in an April 9 statement that the contract with Angola was "real and effective" and denied any manipulation of its stock prices by its executives.

The local bourse is expected to issue a statement today to announce the decision to freeze the account, according to the sources.