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Shanghai index falls 1.93% in morning session
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Shanghai stocks tumbled this morning, sending the key index to a five-month low, amid fears that a slew of initial public offerings this month may drain liquidity from the domestic market and China’s economy is cooling after data showed December’s service PMI dropped to a 28-month low.
The benchmark Shanghai Composite Index slumped 1.93 percent, or 40.13 points, to 2,043.01. Turnover was 41.4 billion yuan (US$6.8 billion) by the noon break.
Eleven companies said they have received regulatory approval to float shares on the domestic markets, bringing the total number of companies allowed to make initial public offerings to 27.
The China Securities Regulatory Commission said earlier that around 50 companies will be ready for IPOs in January.
HSBC China Service Purchasing Managers Index (PMI), a gauge of operating conditions in private and export-oriented service companies, fell again in December to 50.9, HSBC Holdings Plc and Markit Economics reported today.
The reading was down from 52.5 in November and the lowest since August 2011. A reading of 50 or higher indicates the activity is expanding.
Coal producers lost the most. China Shenhua Energy Co Ltd slipped 3 percent to 14.91 yuan. Yangquan Coal Industry Ltd plunged 3.8 percent to 6.53 yuan. Shanxi Lu'an Environmental Energy Development Co Ltd dropped 4.1 percent to 9.78 yuan.
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