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Investors nervous as 1.8b non-tradable shares to enter market
By Ye Zhen |
October 8, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks fell today amid concern that lifting the ban on the sales of non-tradable shares may lead to an oversupply of shares, even though China's service sector boomed last month.
The benchmark Shanghai Composite Index lost 0.56 percent to 2,074.42 points with a daily turnover of 44.8 billion yuan (US$7.1 billion).
Some 1.8 billion non-tradable shares in Shanghai and Shenzhen stock markets will be allowed to enter into circulation this week, totaling 17.9 billion yuan in market value. This compares with 2.8 billion yuan in the week before the eight-day public holiday, Shanghai Securities News reported today.
Unlocking non-tradable shares may drag share prices down in a bearish market, said Xiangcai Securities.
HSBC China Service Purchasing Managers Index, a gauge of non-manufacturing activity in the private and export-oriented sectors, rose to 54.3 in September from a year-low 52.0 in August, HSBC Holdings Plc reported today. A reading above 50 indicates expansion.
Distilleries slumped the most. Kweichow Moutai Co, a leading producer of high-end liquor in China, fell 2.4 percent to 239.94 yuan. Sichuan Tuopai Shede Wine Co lost 1.6 percent to 31.98 yuan. Sichuan Swellfun Co shed 2.1 percent to 23.69 yuan.
Coal producers also declined. Shanxi Lanhua Sci-Tech Venture Co fell 2.9 percent to 19.15 yuan. Guizhou Panjiang Refined Coal Co dropped 3.6 percent to 17.69 yuan. China Shenhua Energy Co, the nation's biggest coal producer, shrank 1.6 percent to 22.65 yuan.
The benchmark Shanghai Composite Index lost 0.56 percent to 2,074.42 points with a daily turnover of 44.8 billion yuan (US$7.1 billion).
Some 1.8 billion non-tradable shares in Shanghai and Shenzhen stock markets will be allowed to enter into circulation this week, totaling 17.9 billion yuan in market value. This compares with 2.8 billion yuan in the week before the eight-day public holiday, Shanghai Securities News reported today.
Unlocking non-tradable shares may drag share prices down in a bearish market, said Xiangcai Securities.
HSBC China Service Purchasing Managers Index, a gauge of non-manufacturing activity in the private and export-oriented sectors, rose to 54.3 in September from a year-low 52.0 in August, HSBC Holdings Plc reported today. A reading above 50 indicates expansion.
Distilleries slumped the most. Kweichow Moutai Co, a leading producer of high-end liquor in China, fell 2.4 percent to 239.94 yuan. Sichuan Tuopai Shede Wine Co lost 1.6 percent to 31.98 yuan. Sichuan Swellfun Co shed 2.1 percent to 23.69 yuan.
Coal producers also declined. Shanxi Lanhua Sci-Tech Venture Co fell 2.9 percent to 19.15 yuan. Guizhou Panjiang Refined Coal Co dropped 3.6 percent to 17.69 yuan. China Shenhua Energy Co, the nation's biggest coal producer, shrank 1.6 percent to 22.65 yuan.
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