IPO restart delay, stimulus hopes help shares
Print Edition
SHANGHAI stocks edged up yesterday as slower economic growth sparked hopes the central government would unveil stimulus measures while the securities regulator hinted at a delay in the resumption of initial public offerings.
The Shanghai Composite Index added 0.17 percent to 2,105.12.
China’s economy grew 7.4 percent year on year in the first quarter, the National Bureau of Statistics said. The growth was slightly higher than market estimates of 7.3 percent, but eased from 7.7 percent in the final quarter of 2013.
Beijing Gao Hua Securities said in a note yesterday that the government “will have to continue to roll out stimulus policies in the following weeks to boost demand and thus bolster economic growth in the second quarter.”
The China Securities Regulatory Commission said yesterday that it will review IPO applications later than expected as companies have to update their financial documents as it denied a rumor it would restart the review as soon as next week.
Founder Securities added 3 percent to 5.92 yuan (95 US cents) after its net profit surged 96.7 percent in 2013. Industrial Securities gained 1.3 percent to close at 9.35 yuan.
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