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Shanghai index slumps 1.2% in morning trading
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SHANGHAI stocks fell this morning as concern over the resumption of initial public offerings prevailed and expectation for major economic stimulus faded.
The key Shanghai Composite Index slumped 1.2 percent to 2,011.43 points. Turnover was 38.8 billion yuan (US$6.4 billion) by the noon break.
China’s securities regulator on Friday said it would start review of IPO applications of four companies this Wednesday, hinting at a flood of new shares. All the four companies are planning to list on the Shanghai Stock Exchange.
CITIC Securities said it expected the floating of new shares to start as early as May and peak in August and September.
China’s first-quarter economic growth met the target and the country’s fiscal and monetary policies should stay steady, according to a statement made after a recent meeting of the CPC Politburo, China’s highest decision-making body.
“The statement indicates that the policymakers are tolerant of current economic status and are unlikely to take aggressive measures to boost growth,” said Xu Gao, an analyst at Everbright Securities.
Oil share tumbled. Zhejiang Haiyue Co Ltd fell 8.8 percent to 16.07 yuan. China Oilfield Services Ltd lost 3.5 percent to 16.33 yuan. Sinopec Shanghai Petrochemical Co Ltd slid 2.9 percent to 3 yuan.
Medical device manufacturers also fell. Shinva Medical Instrument Co Ltd lost 6.6 percent to 66.60 yuan. Top Choice Medical Investment decreased 1.9 percent to 38.02 yuan.
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