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Shanghai shares dip despite gains made small-cap firms
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Shanghai stocks declined this morning as distilleries and homebuilders slumped, offsetting gains made by small-cap shares following the surge of their peers on the Shenzhen market after the regulator allowed insurers to invest in ChiNext startups.
The benchmark Shanghai Composite Index lost 0.39 percent, or 8.04 points, to 2,039.28. Turnover was 32.2 billion yuan (US$5.3 billion) by the noon break.
“The market will continue a weak run as the liquidity pressure remains in the short term,” said Shenyin & Wanguo Securities.
Two Chinese companies' initial public offerings open for subscriptions today, reviving China’s IPO market after a suspension of more than one year.
Guangdong Xinbao Electric Appliances Holdings Ltd will offer 76 million shares, priced at 10.5 yuan (US$1.7) each, hoping to raise 798 million yuan, according to its filing to the Shenzhen Stock Exchange.
Zhejiang Wolwo Bio-Pharmaceutical Co Ltd, to be traded on ChiNext board, China's NASDAQ-style board for growth enterprises, plans to raise 221 million yuan by selling 25.3 million shares at 20.5 yuan each.
Distilleries led the market down. Kweichow Moutai Co Ltd, China’s leading producer of high-end liquor, lost 1.5 percent to 118.74 yuan. Sichuan Tuopai Shede Wine Co Ltd dropped 2.3 percent to 12.80 yuan.
Property developers also fell. Poly Real Estate, China’s second-largest homebuilder, fell 1.1 percent to 7.50 yuan. Gemdale Corp lost 1.2 percent to 5.99 yuan.
Small-cap shares gained following a surge of the ChiNext board after the China Insurance Regulatory Commission yesterday said it would allow insurers to invest in ChiNext-listed companies.
“Allowing insurers to invest in ChiNext is part of China’s commitment to attract long-term investment to the stock market. That would help hedge the downward pressure from the resumption of IPOs,” Shenyin & Wanguo Securities said.
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