Related News
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
