Firms, individuals punished for flouting stock market rules

BEIJING - China's securities regulator plans to mete out fines totaling 34 million yuan ($5.35 million) in punishment for eight cases of illegal market activity, it announced on Friday.

The illegal activities include 3 share-dumping cases, 2 short-swing trading cases, 2 market-manipulation cases and 1 case of spreading false information, China Securities Regulatory Commission said at a press conference.

China's stock market experienced a dramatic summer that saw the key stock index plunge by over 40 percent from its June peak of 5,166 points. Wild swings have continued despite government efforts to restore confidence.

But the stocks performed well this week, after market sentiment was bolstered by the recent announcement of proposals for China's development blueprint for the next five years.

The Shanghai Composite Index rose 6.1 percent this week thanks to sharp gains from the last three days. The index rebounded more than 20 percent from its Aug 26 low.