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Shanghai index falls 1%, biggest weekly loss since January
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SHANGHAI stocks tumbled today, with the key index posting the biggest weekly drop in three months, as anxiety over initial public offerings persisted and heavyweight oil stocks fell on poor earnings.
The benchmark Shanghai Composite Index lost 1 percent to 2,036.52 points. Turnover was 74.2 billion yuan (US$12.2 billion) today. The index fell 2.9 percent this week, the biggest weekly loss since January.
“The resumption of IPOs is felt as the top risk and is depressing the investor sentiment,” said Ai Yi, analyst of Cinda Securities.
The China Securities Regulatory Commission released IPO prospectuses of 22 companies late yesterday, bringing the total number of IPO candidates to 97.
Zhang Xiaojun, a CSRC spokesman, said most companies in the IPO pipeline will disclose their prospectuses and update their financial documents before the end of June. About 600 companies are waiting for regulatory approval to go public on domestic bourses.
PetroChina Co Ltd fell 0.7 percent to 7.54 yuan today after posting a 5 percent drop in first-quarter profit. China Petroleum & Chemical Corp declined 2.3 percent to 5.07 yuan.
Guanghui Energy Co Ltd, a natural gas and coal producer, rose 4.6 percent to 7.99 yuan after it became the first mainland company to announce a plan to issue preferred shares. Guanghui plans to sell 50 million preferred shares and raise no more than 5 billion yuan through private placement.
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