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Shanghai shares down 0.57% as uncertainty prevails
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SHANGHAI stocks fell the most in one week due to worries that initial public offerings may drain funds from existing shares and uncertainty about economic outlook.
The key Shanghai Composite Index lost 0.57 percent, or 11.68 points, to 2,055.59. Daily turnover was 79.1 billion yuan (US$12.8 billion).
“The A-share market is unlikely to recover in the short term as it will have 11 IPOs next week, which is negative for market liquidity,” said Wang Lu, analyst of Western Securities.
The market declined for a second day despite new data proved the resilience of the world’s second-largest economy.
Chen Li, chief China equity strategist of UBS, said investors are becoming numb to signs of a short-lived economic rebound and are more worried about high debt ratio, overcapacity and real estate bubble.
“We are cautious about the A-share market in the second half of the year because inflation is likely to pick up and result in smaller room for policy easing,” Chen said.
Port operators and shipping companies declined after data from the Ministry of Transport showed China’s port throughput increased only 5.2 percent in the first half of this year to 5.5 billion tons, compared with 10.1 percent for the same period last year.
Shanghai International Port lost 1.3 percent to 4.41 yuan. Jiangsu Lianyungang Port fell 1.7 percent to 4.10 yuan. Tianjin Marine Shipping slumped 7.5 percent to 5.69 yuan.
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