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Shanghai index drops on fear of share oversupply
By Ye Zhen |
October 8, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks edged down this morning as investors are worried that lifting the ban on the sales of non-tradable shares may lead to an oversupply of shares.
The benchmark Shanghai Composite Index lost 0.75 percent to 2,070.52 points. Turnover stood at 27 billion yuan (US$4.3 billion) by midday.
Some 1.8 billion non-tradable shares in Shanghai and Shenzhen stock markets will be allowed to enter into circulation this week, totaling 17.9 billion yuan in market value. This compares with 2.8 billion yuan in the week before the eight-day public holiday, Shanghai Securities News reported today.
Unlocking of non-tradable shares may drag the share prices down in a bear market, said Xiangcai Securities.
Liquor stocks fell the most. Kweichow Moutai Co, a leading producer of high-end liquor in China, fell 3.4 percent to 237.50 yuan. Sichuan Tuopai Shede Wine Co lost 2.2 percent to 31.78 yuan. Sichuan Swellfun Co shed 2.6 percent to 23.55 yuan.
Non-ferrous metals producers also declined. Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, decreased 3 percent to 33 yuan. Rising Nonferrous Metals Share Co dropped 4.5 percent to 46.50 yuan.
Zijin Mining Group Co, the nation's largest gold producer, retreated 2.5 percent to 3.91 yuan. Shandong Gold Mining Co declined 2.8 percent to 40.57 yuan. Zhongjin Gold Corp fell 3.6 percent to 17.53 yuan.
The benchmark Shanghai Composite Index lost 0.75 percent to 2,070.52 points. Turnover stood at 27 billion yuan (US$4.3 billion) by midday.
Some 1.8 billion non-tradable shares in Shanghai and Shenzhen stock markets will be allowed to enter into circulation this week, totaling 17.9 billion yuan in market value. This compares with 2.8 billion yuan in the week before the eight-day public holiday, Shanghai Securities News reported today.
Unlocking of non-tradable shares may drag the share prices down in a bear market, said Xiangcai Securities.
Liquor stocks fell the most. Kweichow Moutai Co, a leading producer of high-end liquor in China, fell 3.4 percent to 237.50 yuan. Sichuan Tuopai Shede Wine Co lost 2.2 percent to 31.78 yuan. Sichuan Swellfun Co shed 2.6 percent to 23.55 yuan.
Non-ferrous metals producers also declined. Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, decreased 3 percent to 33 yuan. Rising Nonferrous Metals Share Co dropped 4.5 percent to 46.50 yuan.
Zijin Mining Group Co, the nation's largest gold producer, retreated 2.5 percent to 3.91 yuan. Shandong Gold Mining Co declined 2.8 percent to 40.57 yuan. Zhongjin Gold Corp fell 3.6 percent to 17.53 yuan.
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