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Shanghai index drops nearly 1% as IPOs loom
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SHANGHAI stocks fell nearly 1 percent today with investors fearing this week’s initial public offerings will syphon funds from the market.
The Shanghai Composite Index shed 0.99 percent to close at 2,207.11 points.
Thursday and Friday will see the launch of 10 IPOs, which could possibly freeze up to 1.3 trillion yuan (US$211.2 billion), compared with the 670 billion yuan in the last round of IPOs on July 14.
This dragged down the share prices of many newly listed companies.
Sinoma Energy Conservation lost 6.15 percent to 15.42 yuan (US$2.50) while Chongqing Chuanyi Automation was down 6.33 percent to 14.06 yuan.
On the positive side, Sapphire Technology shares rose sharply as investors expect the company will be making the screens for Apple’s next iPhone models.
TDG Holding rose 2.14 percent to 12.37 yuan, while Anhui Tongfeng Electronics gained 0.29 percent to close at 6.80 yuan.
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