Funding and IPO concerns hit shares
Print Edition
Shanghai’s key stock index dipped below the 2,000-point level yesterday as funding costs rose while investors worried that initial public offerings of eight companies tomorrow may result in a glut of new shares.
The Shanghai Composite Index lost 0.68 percent, or 13.70 points, to 1,991.25, ending below 2,000 for the first time since July 31.
‘‘Funding costs may continue to rise ahead of the Spring Festival holiday while the flood of IPOs also increased demand for funds,’’ said Luo Chunpeng, analyst with Qilu Securities.
Data from the National Interbank Funding Center showed the seven-day Shanghai Interbank Offered Rate, or Shibor, a gauge of funding costs, added 155.30 points to 6.33 percent yesterday as the central bank has not injected liquidity for three weeks.
Meanwhile today sees three companies float their IPOs on Shenzhen Stock Exchange’s small- and medium-sized board and five on the ChiNext board.
The market also fell as data from the National Statistics Bureau reflected that China’s economy posted a flat growth of 7.7 percent last year from 2012. The data also showed easing in fixed-asset investment and industrial output.
“The data reinforced our view that growth is on a downtrend and we continue to expect economic growth to slow to 7.5 percent in the first quarter and 7.1 percent in the second quarter,’’ said Zhang Zhiwei, chief China economist with Nomura Holdings Inc.
China Oilfield Services Ltd fell 4.2 percent to 21.38 yuan (US$3.53), and PetroChina Co lost 1.5 percent to 7.63 yuan.
Neway Valve (Suzhou) Co, the first company to list after IPOs resumed, fell by the daily limit of 10 percent to close at 22.81 yuan.
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