Index likely to stay around current level
Print Edition
SHANGHAI stocks ended generally flat yesterday, with the market likely to hover around the current mark in the near future.
The Shanghai Composite Index ended 0.02 percent higher at 2,023.70 points.
“The market is expected to linger around the current level due to a lack of incentives,” said Shenyin Wanguo Securities, adding that the index may not fall further from its already low level.
The index trades at 7.6 times 12-month projected earnings, the cheapest since at least 2007, according to Bloomberg News.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co rose 2.6 percent to 22.01 yuan (US$3.63). Rising Nonferrous Metals Share Co jumped 4.3 percent to 39.14 yuan.
Kweichow Moutai Co rose 2.7 percent to 121.99 yuan. Sichuan Tuopai Shede Wine Co gained 1.6 percent to 12.90 yuan.
Meanwhile, the China Securities Regulatory Commission will scrutinize 44 book-building participants and 13 underwriters to tighten supervision of initial public offerings, it said on its website late on Wednesday.
Analysts said the move would help slow the pace of IPOs and ease market concerns over a flood of new shares.
Neway Valve (Suzhou) Co will list in Shanghai today, the first domestic IPO after a 14-month hiatus. It sells 82.5 million shares at 17.66 yuan each.
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