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Shanghai shares slump on liquidity fear
By Ye Zhen |
November 26, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today as investors are concerned about a liquidity crunch as more non-tradable shares are to be unlocked this week and a big backlog of companies want to raise capital in the market.
The Shanghai Composite Index is down 0.49 percent, or 9.92 points, to 2,017.46 points with a daily turnover of 33.1 billion yuan (US$5.3 billion).
A year-end liquidity crunch is one of the major factors that prevent the stock market from rebounding, said Sun Zheng, analyst at Dongxing Securities.
Some 2.9 billion non-tradable shares of 19 domestically-listed companies will be allowed to enter into circulation this week. They are valued at 28.6 billion yuan, up 22.5 percent from the amount released last week, according to the Securities Times.
Meanwhile, data from the China Securities Regulatory Commission showed that a total of 808 companies are waiting for IPOs in the Shanghai and Shenzhen stock markets.
Distilleries continued a weak run after liquor samples from JiuGuiJiu Co were found to contain excessive levels of a plasticizing agent. Kweichow Moutai Co, a leading producer of high-end liquor in China, fell 2.3 percent 217.05 yuan. Sichuan Tuopai Shede Wine Co slumped 5.7 percent to 22.56 yuan. Shanxi Xinghuacun Fen Wine Factory Co shed 2.7 percent to 36.85 yuan.
Ship builders and aircraft manufacturers advanced after two J-15 jet fighters successfully took off and landed on China's first aircraft carrier. China CSSC Holdings Ltd rose 2.7percent to 20.01 yuan. Hafei Aviation Industry Co gained 2.5 percent to 15.92 yuan.
The Shanghai Composite Index is down 0.49 percent, or 9.92 points, to 2,017.46 points with a daily turnover of 33.1 billion yuan (US$5.3 billion).
A year-end liquidity crunch is one of the major factors that prevent the stock market from rebounding, said Sun Zheng, analyst at Dongxing Securities.
Some 2.9 billion non-tradable shares of 19 domestically-listed companies will be allowed to enter into circulation this week. They are valued at 28.6 billion yuan, up 22.5 percent from the amount released last week, according to the Securities Times.
Meanwhile, data from the China Securities Regulatory Commission showed that a total of 808 companies are waiting for IPOs in the Shanghai and Shenzhen stock markets.
Distilleries continued a weak run after liquor samples from JiuGuiJiu Co were found to contain excessive levels of a plasticizing agent. Kweichow Moutai Co, a leading producer of high-end liquor in China, fell 2.3 percent 217.05 yuan. Sichuan Tuopai Shede Wine Co slumped 5.7 percent to 22.56 yuan. Shanxi Xinghuacun Fen Wine Factory Co shed 2.7 percent to 36.85 yuan.
Ship builders and aircraft manufacturers advanced after two J-15 jet fighters successfully took off and landed on China's first aircraft carrier. China CSSC Holdings Ltd rose 2.7percent to 20.01 yuan. Hafei Aviation Industry Co gained 2.5 percent to 15.92 yuan.
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