ABC offer price talk hits index
By Feng Jianmin and Pan Xiaoyi |
June 25, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI stocks edged down yesterday with low volume transacted as investors sat on the sidelines on talk of estimated offer prices for Agricultural Bank of China's initial public offering.
The Shanghai Composite Index dipped 0.12 percent, or 3.13 points, to close at 2,566.75. Turnover dropped to 51 billion yuan (US$7.5 billion) from 61.9 billion yuan on Wednesday.
"If ABC is priced too high, it may fall below the offer price and drag down the market. If it is priced too low, the pricing of the banking sector will be revalued and cause fluctuations in the market as well," said Chen Jie, an analyst at Shanghai Newland Securities Investment Consultants Co. "As a result, investors were cautious ahead of the announcement of the offer price in early July."
Lenders were mixed as market watchers noticed the central government has pumped 700 billion yuan to stabilize the market ahead of ABC's IPO seen as the world's largest.
Bank of Communications increased 1.1 percent to end at 6.28 yuan and China Merchants Bank lost 0.2 percent to finish at 13.29 yuan.
The Shanghai Composite Index dipped 0.12 percent, or 3.13 points, to close at 2,566.75. Turnover dropped to 51 billion yuan (US$7.5 billion) from 61.9 billion yuan on Wednesday.
"If ABC is priced too high, it may fall below the offer price and drag down the market. If it is priced too low, the pricing of the banking sector will be revalued and cause fluctuations in the market as well," said Chen Jie, an analyst at Shanghai Newland Securities Investment Consultants Co. "As a result, investors were cautious ahead of the announcement of the offer price in early July."
Lenders were mixed as market watchers noticed the central government has pumped 700 billion yuan to stabilize the market ahead of ABC's IPO seen as the world's largest.
Bank of Communications increased 1.1 percent to end at 6.28 yuan and China Merchants Bank lost 0.2 percent to finish at 13.29 yuan.
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