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Shanghai market down 0.56% in morning session
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Shanghai stocks declined in the morning session as investors were wary of the initial public offering of Neway Valve (Suzhou) Co, the first company to list on the domestic market after China ended its year-long IPO suspension.
The benchmark Shanghai Composite Index sank 0.56 percent, or 11.37 points, to 2,012.33. Half-day turnover was only 29.7 billion yuan (US$4.9 billion).
Despite the poor performance of the market, shares of Neway Valve were much sought-after and high demand drove the price up over 30 percent, triggering a 30-minute trading suspension. By the noon break, Neway traded at 23.19 yuan, up 31.31 percent from its offering price of 17.66 yuan.
“Funds are chasing after new shares after a long break,” said Nanjing Securities. “Seven companies are accepting IPO subscriptions today, which also weighed on the market.”
Coal producers lost the most. Shanxi Lanhua Sci-Tech Venture Co Ltd dropped 3.8 percent to 9.17 yuan. Shanxi Lu'an Environmental Energy Development Co Ltd sank 3.3 percent to 9.26 yuan. Yangquan Coal Industry (Group) Co Ltd slid 2.4 percent to 6.23 yuan.
CPI Yuanda Environmental-Protection Group Co Ltd, which specializes in electricity generation and transmission, led the decline of power houses, plunging 8.48 percent to 20.95 yuan, after the company forecasted a 31 percent drop in 2013 revenue. Top Energy Company Ltd shed 2.2 percent to 4.55 yuan.
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