Limit on IPOs drives up index as glut fears ease
Print Edition
SHANGHAI stocks ended slightly higher yesterday as concerns over a glut of new shares eased after the securities regulator said it would limit the number of initial public offerings to around 100 in the second half of this year.
The benchmark Shanghai Composite Index recovered from a three-week low on Monday, adding 0.15 percent to close at 2,008.12 points.
Xiao Gang, chairman of the China Securities Regulatory Commission, said in a statement released late on Monday that China will allow around 100 IPOs between June and the end of the year.
“The statement helped boost market sentiment because it reduced uncertainties about IPOs and the number of planned IPOs is now smaller than what the market expected,” Shenyin & Wanguo Securities said.
But the brokerage said it is still cautious about the medium-term market outlook due to a slower growth of the real estate sector that could set back the economy. “And the planned IPOs will still put a strain on market liquidity.”
Technology companies gained the most, following a 1.3 percent gain in the ChiNext Index, a gauge of China’s Nasdaq-style board.
China National Software and Service surged by the daily limit of 10 percent to 28.63 yuan (US$4.59). Yonyou Software jumped 5.4 percent to end at 12.62 yuan.
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