Index slides over concerns about liquidity
Print Edition
SHANGHAI stocks fell the most in one week over concerns initial public offerings may drain funds from existing shares and overall uncertainty about the economy.
The key Shanghai Composite Index lost 0.57 percent to 2,055.59 points.
“The A-share market is unlikely to break though the current level in the short term as 11 IPOs will begin taking subscriptions next week, which siphons funds from the market,” Wang Lu, analyst at Western Securities, said in a note yesterday.
The market fell for a second consecutive day despite data showing resilience in the world’s second largest economy.
Chen Li, chief China equity strategist at UBS, said investors are starting to ignore signs of a short-lived rebound as worries linger over a high-debt ratio, overcapacity and a property bubble.
“We are cautious about the A-share market in the second half of the year as inflation is likely to pick up and this limits room for the government to ease monetary policy,” Chen said.
Port operators and shipping companies declined after data from the Ministry of Transport showed total port cargo throughput rose 5.2 percent year on year to 5.5 billion tons in the first six months of 2014. This compared to a 10.1 percent rise during the same period last year.
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