Bird flu and IPO worries weigh on sentiment
By Ye Zhen |
April 9, 2013, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks fell yesterday for a fourth straight trading day to end at its lowest in over three months as fears of a bird flu outbreak and worries over the resumption of IPOs weighed on the market.
The Shanghai Composite Index lost 0.62 percent to 2,211.59 points, the lowest close since December 27.
"The current outbreak of avian influenza is likely to lead to a market panic in the short term and related industries, including tourism and catering, may suffer," said Damo Investment Co.
As of yesterday, 22 people had been infected with the deadly H7N9 virus in China, including seven reported deaths.
China United Travel Co slumped 3.4 percent to 3.72 yuan (60 US cents). China CYTS Tours Holding Co fell 3.2 percent to 13.97 yuan and Shanghai Jinjiang International Hotels Development Co lost 5.2 percent to 12.20 yuan.
Sentiment was also hit by a possible resumption of initial public offerings as the China Securities Regulatory Commission concluded the self-inspection process that required IPO applicants to submit reports on their financial status before March 31, a Guosen Securities report said yesterday.
As of Wednesday, 615 firms are still waiting for approval.
Property developers fell after the Beijing government raised the required down-payment to 70 percent for second-home buyers taking loans from the public housing fund.
Poly Real Estate, China's second-largest listed developer, shrank 2.1 percent to 11.59 yuan. Gemdale Corp dipped 0.8 percent to 6.48 yuan.
The Shanghai Composite Index lost 0.62 percent to 2,211.59 points, the lowest close since December 27.
"The current outbreak of avian influenza is likely to lead to a market panic in the short term and related industries, including tourism and catering, may suffer," said Damo Investment Co.
As of yesterday, 22 people had been infected with the deadly H7N9 virus in China, including seven reported deaths.
China United Travel Co slumped 3.4 percent to 3.72 yuan (60 US cents). China CYTS Tours Holding Co fell 3.2 percent to 13.97 yuan and Shanghai Jinjiang International Hotels Development Co lost 5.2 percent to 12.20 yuan.
Sentiment was also hit by a possible resumption of initial public offerings as the China Securities Regulatory Commission concluded the self-inspection process that required IPO applicants to submit reports on their financial status before March 31, a Guosen Securities report said yesterday.
As of Wednesday, 615 firms are still waiting for approval.
Property developers fell after the Beijing government raised the required down-payment to 70 percent for second-home buyers taking loans from the public housing fund.
Poly Real Estate, China's second-largest listed developer, shrank 2.1 percent to 11.59 yuan. Gemdale Corp dipped 0.8 percent to 6.48 yuan.
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