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Shanghai shares down 0.25%, led by brokers
By Ye Zhen |
December 26, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks retreated this morning, dragged by brokerages as their underwriting incomes shrank this year amid a sluggish initial public offering market.
The benchmark Shanghai Composite Index shed 0.25 percent to 2,208.11 points. Turnover was 58.4 billion yuan (US$9.4 billion) by midday.
The combined IPO underwriting revenue of securities firms fell 60 percent from a year earlier to 5.3 billion yuan this year, according to a report in the Securities Daily.
Analysts attributed the decline in underwriting income to reduced fundraising amid a weak stock market this year, the report said.
Funds raised through IPOs on the Shanghai and Shenzhen stock exchanges are expected to reach a 3-year low of 103 billion yuan this year, down 63 percent from a year earlier, according to Ernst & Young.
Citic Securities, the biggest listed brokerage, lost 1.1 percent to 12.21 yuan. Haitong Securities Co shed 1.6 percent to 9.67 yuan. Everbright Securities sank 2.9 percent to 12.88 yuan.
Lenders also retreated. ICBC Ltd, the nation's largest lender, lost 1.2 percent to 4.09 yuan. Agricultural Bank of China decreased 1.4 percent to 2.76 yuan. China Minsheng Banking Corp slid 1 percent to 7.67 yuan.
The benchmark Shanghai Composite Index shed 0.25 percent to 2,208.11 points. Turnover was 58.4 billion yuan (US$9.4 billion) by midday.
The combined IPO underwriting revenue of securities firms fell 60 percent from a year earlier to 5.3 billion yuan this year, according to a report in the Securities Daily.
Analysts attributed the decline in underwriting income to reduced fundraising amid a weak stock market this year, the report said.
Funds raised through IPOs on the Shanghai and Shenzhen stock exchanges are expected to reach a 3-year low of 103 billion yuan this year, down 63 percent from a year earlier, according to Ernst & Young.
Citic Securities, the biggest listed brokerage, lost 1.1 percent to 12.21 yuan. Haitong Securities Co shed 1.6 percent to 9.67 yuan. Everbright Securities sank 2.9 percent to 12.88 yuan.
Lenders also retreated. ICBC Ltd, the nation's largest lender, lost 1.2 percent to 4.09 yuan. Agricultural Bank of China decreased 1.4 percent to 2.76 yuan. China Minsheng Banking Corp slid 1 percent to 7.67 yuan.
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