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Shanghai shares rise slightly on IPO assurance
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SHANGHAI stocks ended slightly higher today as concerns about a glut of new shares eased after China’s securities regulator said it will limit the number of initial public offerings to around 100 in the second half of this year.
The benchmark Shanghai Composite Index recovered from a three-week low, adding 0.15 percent to 2,008.12 points. Turnover was weak at 49.5 billion yuan (US$8 billion).
Xiao Gang, chairman of the China Securities Regulatory Commission, said in a statement yesterday that China will allow about 100 IPOs from June to the end of the year.
“His statement helped to boost the market sentiment as it eased uncertainty about new IPOs,” said Shenyin & Wanguo Securities.
But the brokerage said it is still cautious about the medium-term market outlook as a cooling real estate sector is posing risk to the national economy. “The planned IPOs will still add pressure to market liquidity,” it said.
Technology companies gained the most, following a 1.3 percent rise in the ChiNext Index, a gauge of China's NASDAQ-style board of growth enterprises.
China National Software & Service surged by the daily limit of 10 percent to 28.63 yuan. Yonyou Software jumped 5.4 percent to 12.62 yuan.
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