Index ends flat as IPO concerns factored in
Print Edition
SHANGHAI stocks ended nearly flat yesterday with the market seemingly pricing in concern over the resumption of initial public offerings.
The key Shanghai Composite Index edged up 0.03 percent to close at 2,028.04 points. Daily turnover shrank to 57.5 billion yuan (US$9.2 billion).
“The market eked out gains even though the securities regulator disclosed IPO prospectuses of 30 companies late on Monday, indicating investors are becoming more tolerant of new share sale,” said Yu Cheng, analyst at Northeast Securities.
A total of 241 companies have disclosed IPO documents, data from the China Securities Regulatory Commission showed. Around 600 firms are awaiting regulatory approval to go public.
Infrastructure-related firms gained after Premier Li Keqiang said on Monday that China is ready to “actively take part in” Africa’s infrastructure development.
CSR Corp, the nation’s largest train manufacturer, added 1.4 percent to 4.39 yuan. Inner Mongolian Baotou Steel Union Co surged 7.1 percent to 3.90 yuan after the company won regulatory approval to buy mining assets from its parent company.
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