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Shanghai market sapped by new IPOs in morning trade
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Shanghai stocks retreated in the morning session due to a glut of new shares even though the central bank injected liquidity into the financial system.
The benchmark Shanghai Composite Index dipped 0.51 percent, or 10.48 points, to 2041.27. Half-day turnover was 41.5 billion yuan (US$6.8 billion).
Shares of financial firms and distilleries declined but media and forest stocks went up.
The shares of eight companies that made their initial public offerings in the Shenzhen market this morning all opened 20 percent higher than their starting prices, triggering sales suspension. They were suspended twice and will be allowed for trading again at 14:57, three minutes before the market close.
Xiao Gang, chairman of the China Securities Regulatory Commission, said yesterday that China’s capital market is in position to introduce the registration-based IPO system.
The market slumped despite liquidity injection by the People’s Bank of China which released 120 billion yuan into the banking system today via 21-day reverse repurchase agreements, after an infusion of 255 billion yuan on Tuesday.
Ping An Insurance Group, China’s leading insurer, dropped 2.25 percent to 40.87. CITIC Securities, China’s biggest broker, lost 1.4 percent to 11.91 yuan.
BesTV New Media Co Ltd, a joint venture with Microsoft in the Shanghai Pilot Free Trade Zone, gained 3.87 percent to 42.16 yuan. Zhejiang Daily Media Group added 4.82 percent to 39.31 yuan.
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