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Shanghai shares dip 0.45% on influx of IPOs
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Shanghai stocks declined this morning on news that 19 more companies received regulatory nod to go public, even though the central bank moved to bolster rural development and the latest data showed China’s manufacturing activity picked up this month.
The key Shanghai Composite Index slid 0.45 percent, or 9.26 points, to 2,063.57. Turnover was 36.7 billion yuan (US$6 billion) by midday.
The China Securities Regulatory Commission released initial public offering prospectuses of 19 companies yesterday, bringing the total number of new IPOs to 65.
The market slumped even though the People’s Bank of China yesterday reduced the reserve requirement ratio of county-level rural banks by 2 percentage points and that of rural credit coops by 0.5 percentage points from Friday.
Nomura Securities estimates that the move will release 80 billion to 90 billion yuan to the market, which the brokerage said is still small and insignificant given the size of the economy.
Signs of recovery in China’s manufacturing sector also failed to boost the market. The HSBC flash Purchasing Managers Index rose to 48.3 in April, up from March's final reading of 48.0, but still below 50 that separates expansion from contraction.
Brokerages lost among financial stocks. Sinolink Securities dropped 2.8 percent to 19.23 yuan. Industrial Securities Co Ltd slipped 1.9 percent to 8.96 yuan.
Shares related to the Shanghai Pilot Free Trade Zone declined after surging yesterday. Shanghai Waigaoqiao Free Trade Zone Development Co Ltd lost 3.1 percent to 30.68 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd shed 2.5 percent to 18.73 yuan.
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