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Shanghai index drops despite industrial pickup in June
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SHANGHAI stocks edged down today as concerns over new shares offset upbeat report that China’s manufacturing sector expanded in June, for the first time in six months.
The benchmark Shanghai Composite Index slipped 0.11 percent, or 2.31 points, to 2,024.37. Daily turnover was 57.8 billion yuan (US$9.3 billion).
Initial public offerings of four companies already drew more than 380 billion yuan in bids after they opened to subscriptions, Dongguan Securities said today.
“As more IPOs open for subscriptions, hundreds of billions of funds will be locked up. That will impact market liquidity,” said the broker.
The market declined despite the HSBC announced early today that its flash China manufacturing purchasing managers' index, the earliest indicator of the country’s industrial activity, rose to 50.8 in June, up from the final reading of 49.4 in May.
The reading is the highest in seven months and is over 50, a mark that separates contraction from expansion, for the first time in six months.
Lenders lost after data from the National Interbank Funding Center showed the seven-day repurchase rate, a gauge of funding costs, gained 17 basis points to 3.25 percent.
Industrial and Commercial Bank of China decreased 1.2 percent to 3.41 yuan. Hua Xia Bank fell 1.1 percent to 8.16 yuan.
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