Index down on earnings, IPO concerns
Print Edition
SHANGHAI stocks slipped yesterday, snapping a three-day winning streak, as concerns over corporate earnings and upcoming initial public offerings overshadowed data pointing to a modest pick-up in economic growth.
The key Shanghai Composite Index shed 0.15 percent to 2,067.28 points.
China’s gross domestic product rose 7.5 percent during the April-June period from a year earlier, higher than the 7.4 percent growth in the first quarter, the National Bureau of Statistics said yesterday.
“Mini stimulus such as targeted monetary easing and increased fiscal spending contributed to the economic rebound,” said Guan Qingyou, an analyst at Minsheng Securities.
Improving data failed to boost the index as growth shares were weak amid worries that their interim reports may be disappointing.
“Shares of emerging sectors such as media and electronics that have surged for several sessions now face a severe test as earning reports start coming in,” Shenyin & Wanguo Securities said in a note.
Concerns that new-share sales may divert funds from existing stocks also weighed on the market.
The new batch of IPOs that are set to start subscription next week is expected to draw in 766.5 billion yuan (US$124.2 billion) in funds, a Securities Daily report said yesterday.
Xiamen Faratronic, a maker of film capacitor, plunged 7 percent to 35.81 yuan. Universal Scientific Industrial declined 5.9 percent to 28.66 yuan.
New-energy car shares retreated on profit taking. Beijing Dynamic Power slumped 6.8 percent to 14.63 yuan.
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