IPOs’ locked funds spook market
Print Edition
SHANGHAI stocks fell again yesterday as investors were spooked by capital being locked up in initial public offerings and showed concerns over the real estate sector.
The Shanghai Composite Index lost 1.55 percent to 2,023.73 points.
“The market is facing a lack of capital because of the coming IPOs,” said Qingdao Damo Investment Consulting Co.
The market is seeing another wave of IPOs and the six IPOs this week will lock up funds amounting to 200 billion yuan (US$32 billion), analysts said.
Yesterday’s losers included Shanghai Waigaoqiao Free Trade Zone Development, which dropped 3.07 percent to 26.23 yuan.
Inspur Information, a cloud computing and server provider, shed 6.99 percent to 33.95 yuan, while Ourpalm Co, the country’s leading mobile game firm, plunged 7.65 percent to 17.01 yuan.
The Shanghai Stock Exchange yesterday blamed the “fat finger” of an institutional investor’s trader for an unusual big swing in the shares of China Life Insurance on Wednesday.
In the absence of any negative news about the country’s biggest life insurer, China Life plunged 9 percent on Wednesday morning before closing down 1.3 percent for the day, a rare huge fluctuation for a blue-chip company.
The company fell 1.35 percent to 13.88 yuan yesterday.
The bourse has asked the firm to beef up internal control.
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