Shares drop on weak yuan and IPOs
Print Edition
SHANGHAI stocks yesterday fell for a fourth straight day as investors were disheartened by several factors such as prospects of a weaker yuan against the US dollar and several upcoming initial public offerings.
The Shanghai Composite Index dropped 1.59 percent, or 51.94 points, to 3,210.36. For the week, the barometer shed 4.22 percent.
The Federal Reserve said on Thursday that it would raise interest rates this year on a firming US economy which would boost the dollar’s exchange rate against the yuan.
Analysts also said a second round of 20 IPOs that will possibly start next week has triggered liquidity issues in the market.
Investors were also dampened by a second inspection from the China Securities Regulatory Commission on 46 brokerages’ margin lending activities. The previous inspection by the CSRC was believed to have caused the biggest daily fall in over six years.
Insurance companies led the fall, with China Life Insurance off 5.05 percent to 36.08 yuan (US$5.78), China Pacific Insurance losing 5 percent to 33.41 yuan and Ping An Insurance shedding 1.79 percent to 69.29 yuan.
Meanwhile, 11 fund management companies were penalized for insider and rat trading, the CSRC said yesterday.
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