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Shanghai Composite up slightly in choppy trading
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SHANGHAI stocks ended almost flat today in choppy trading as non-ferrous metal producers and distilleries advanced while small-cap media and technology firms slumped.
The key Shanghai Composite Index gained only 0.02 percent to 2,023.70 points. Daily turnover was 62.8 billion yuan (US$10.3 billion).
“The market is expected to hover around the current level due to a lack of incentives,” said Shenyin & Wanguo Securities, adding that the index is unlikely to drop further as it has reached a low level.
The Shanghai Composite trades at 7.6 times 12-month projected earnings, the cheapest since 2007, according to Bloomberg.
Non-ferrous metal producers outperformed. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co Ltd rose 2.6 percent to 22.01 yuan. Rising Nonferrous Metals Share Co Ltd jumped 4.3 percent to 39.14 yuan.
Distilleries recovered from yesterday’s losses. Kweichow Moutai Co Ltd gained 2.7 percent to 121.99 yuan. Sichuan Tuopai Shede Wine Co Ltd increased 1.6 percent to 12.90 yuan.
China’s securities watchdog will scrutinize 44 book-building participants and 13 underwriters in an effort to tighten supervision of initial public offerings, the China Securities Regulatory Commission said on its website yesterday.
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 Ltd will be listed on the Shanghai Stock Exchange tomorrow, the first IPO on domestic exchanges after a 14-month hiatus. The company will sell 82.5 million shares, priced at 17.66 yuan each.
Small-cap media and technology shares dropped, following the decline of their peers on the Shenzhen market, where ChiNext, a Nasdaq-style board for growth enterprises, lost 1.4 percent to 1,395.16 points.
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