Index up as IPO fears wane and PMI shines
Print Edition
SHANGHAI stocks ended slightly higher yesterday as concerns over new share offerings ebbed and on optimism that China’s economic slowdown may have bottomed out.
The Shanghai Composite Index rose 0.47 percent to 2,022.93 points.
“The impact of initial public offerings on the market is likely to recede because the low allocation rate in the latest IPO subscriptions is damping investor appetite for new shares,” said Xiao Shijun, analyst at Guodu Securities.
Xiao expects the market to rebound after funds locked up in IPO bids are freed up.
Meanwhile, Haitong Securities said the market was also boosted by optimism that China’s economy may be recovering after a preliminary report from HSBC Holdings Plc indicated that manufacturing activity may have expanded in June for the first time in six months.
Distilleries gained the most, with Kweichow Moutai, a leading producer of high-end liquor in China, up 4.6 percent to 163.57 yuan (US$26.23). Sichuan Swellfun, a Chengdu-based liquor maker, surged by the daily limit of 10 percent to close at 7.12 yuan.
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