Index dips ahead of four IPOs
By Feng Jianmin and Pan Xiaoyi |
August 4, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stock market declined the most in two weeks yesterday amid profit taking and concerns over more capital raising.
The benchmark Shanghai Composite Index fell 1.7 percent, or 45.51 points, to 2,627, the biggest drop since July 15. Turnover expanded to 127.9 billion yuan (US$18.8 billion) from Monday's 110.2 billion yuan.
Four stocks will launch initial public offerings today, and big chip China Everbright Bank will start to take online subscriptions next Tuesday.
"Concerns that the IPOs will siphon market capital are growing. Meanwhile, investors are eager to cash in following this rebound," Shandong Shenguang Securities Co wrote in a note.
The Shanghai index jumped 10 percent last month, the biggest monthly gain this year as shares remain sluggish amid tightened measures to crack down on property speculation.
"July economic data will come out this week, which may lead to short-term fluctuation under mixed effects of rising inflationary risk and slowing economic growth," said Xu Yinbin, an analyst at Nanjing Securities Co.
Lenders and property developers led the declines after the Securities Times reported the central bank may ask banks to set aside more money in the second half to curb inflationary risk.
The Industrial and Commercial Bank of China went down 1.6 percent to 4.30 yuan. The Bank of China fell 1.66 percent to 3.56 yuan. The Bank of Communications was 2.5 percent lower at 6.52 yuan.
Coal producers outperformed the market on growing demand. Datong Coal Industry Co climbed 2.1 percent to 16.79 yuan. Shanxi Xishan Coal and Electricity Power added 0.7 percent to 21.84 yuan.
The benchmark Shanghai Composite Index fell 1.7 percent, or 45.51 points, to 2,627, the biggest drop since July 15. Turnover expanded to 127.9 billion yuan (US$18.8 billion) from Monday's 110.2 billion yuan.
Four stocks will launch initial public offerings today, and big chip China Everbright Bank will start to take online subscriptions next Tuesday.
"Concerns that the IPOs will siphon market capital are growing. Meanwhile, investors are eager to cash in following this rebound," Shandong Shenguang Securities Co wrote in a note.
The Shanghai index jumped 10 percent last month, the biggest monthly gain this year as shares remain sluggish amid tightened measures to crack down on property speculation.
"July economic data will come out this week, which may lead to short-term fluctuation under mixed effects of rising inflationary risk and slowing economic growth," said Xu Yinbin, an analyst at Nanjing Securities Co.
Lenders and property developers led the declines after the Securities Times reported the central bank may ask banks to set aside more money in the second half to curb inflationary risk.
The Industrial and Commercial Bank of China went down 1.6 percent to 4.30 yuan. The Bank of China fell 1.66 percent to 3.56 yuan. The Bank of Communications was 2.5 percent lower at 6.52 yuan.
Coal producers outperformed the market on growing demand. Datong Coal Industry Co climbed 2.1 percent to 16.79 yuan. Shanxi Xishan Coal and Electricity Power added 0.7 percent to 21.84 yuan.
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