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Shanghai shares dip before IPOs start next week
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SHANGHAI stocks ended lower today as investors locked in gains before a batch of new initial public offerings are open for subscriptions next week.
The key Shanghai Composite Index declined 0.72 percent, or 17.17 points, to 2,356.50. Turnover was 203.8 billion yuan (US$33.2 billion) at the trading close.
The China Securities Regulatory Commission, the top securities watchdog, announced yesterday after the market close that it has approved 11 new IPOs, including six on the Shanghai Stock Exchange, two on the board for small and medium enterprises in Shenzhen, and three on the ChiNext board.
Nine companies will start to take subscriptions for their IPOs next week, adding to concern about market liquidity.
“The coming of new listings dents market risk appetite while a wave of sell-off in overseas markets also depresses market sentiment,” said Shenyin & Wanguo Securities.
Growing wary over global economic outlook caused slumps in European and the US stock markets yesterday, with the Stoxx Europe 600 plummeting 3.2 percent, the biggest daily drop in nearly four years.
In Shanghai, lingering concern about economic growth weighed on metal producers and property developers, offsetting gains made by railway companies.
Baoshan Iron & Steel fell 2.3 percent to 4.32 yuan. Inner Mongolia BaoTou Steel Union declined 3.1 percent to 2.79 yuan. Poly Real Estate fell 2.1 percent to 5.69 yuan. Huayuan Property dropped 5.7 percent to 3.81 yuan.
Railway sector gained after China and Russia signed agreement to cooperate in high-speed railway projects. Both CSR Corp and China CNR Corp surged by the daily limit of 10 percent.
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