Profit-taking rules
Print Edition
SHANGHAI stocks lost nearly a percent yesterday as investors took profit ahead of new share offers.
The Shanghai Composite Index dipped 0.93 percent to 3,957.53 points.
China’s securities regulator last week approved 30 initial public offerings, with half of them opening for subscriptions next Tuesday. This spooked market sentiment as investors are expected to move funds from existing stocks. Of the 30 IPOs, 11 will list on the Shanghai exchange.
The new IPOs could lock up 3.7 trillion yuan (US$596 billion) in subscriptions over the next two weeks, analysts said.
Profit-taking hit shares of banks and brokerages. The Industrial Bank lost 3.13 percent to 19.83 yuan, Huatai Securities dropped 2.86 percent to 30.96 yuan, and Sinolink Securities shed 2.03 percent to 26.61 yuan.
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