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Shanghai index drops on concern about new stock sales
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SHANGHAI stocks ended the week with a moderate decline today, dragged down by growing anxiety over the upcoming new-share sales and news that the state-owned Central Huijin Investment Ltd has been cashing in on market gains.
The benchmark Shanghai Composite Index shed 1.59 percent to 4,308.69 points. The index gained 2.44 percent for the week, the first gain in three weeks, after the central bank lowered interest rates last weekend to bolster economy.
“The market is going through a consolidation in the face of intensive initial public offerings,” Shenwan Hongyuan Securities said today.
Haitong Securities expected 20 IPOs that would open for subscription next week will lock up approximately 3 trillion yuan (US$483.9 billion) in funds.
China’s top securities regulator on Wednesday also granted permission to the 16.3-billion-yuan IPO of China National Nuclear Power Corp, the largest offerings in five years.
Investors were also spooked after China Fund News reported that Central Huijin Investment, the domestic-investment arm of China's sovereign-wealth fund, has been paring holdings of exchange-traded fund tracking 180 blue-chip shares listed in Shanghai, cashing in 20 billion of gains on April 17 and 22.
Financial shares led the market slump. Shanghai Pudong Development Bank Co Ltd fell 1.24 percent to 16.78 yuan. CITIC Securities, China’s largest brokerage, dropped 3.4 percent to 31.98 yuan.
“There is no motivator for blue chips in the short term amid prolonged weakness of economic growth,” Zhou Yu, analyst with Pacific Securities, said in a report.
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