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Shanghai stocks fall on concern about liquidity
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Shanghai shares fell for a second day, dragged by banks and brokers after China Merchants Bank Co announced a plan to raise 35 billion yuan (US$5.7 billion) through rights offerings in both A-share and H-share markets.
The benchmark Shanghai Composite Index dipped 0.47 percent to 2057.46 after a dive in the afternoon session. The market stood at 2073.38 by midday. The turnover was 94.57 billion yuan (US$15.5 billion). The index ended the week with a 0.54 percent decline.
"The market will continue to face volatile situations as capital largely pursues some industries that are supported by the government policies," said Huatai Securities.
China Merchants Bank Co dived 3.21 percent to 10.56 yuan after announcing its rights offering which aims to increase the bank's capital adequacy ratio. Ping An Bank Co dipped 3.01 percent to 10.62 yuan.
Everbright Securities Co, a broker that has been troubled by causing a malfunction in Shanghai market due to an erroneous trading system last Friday, ended this week with the loss of about 7 billion yuan in market value. The share resumed trading yesterday and fell 1.4 percent to 9.84 yuan after its suspension on Thursday afternoon.
Shanghai International Port Co jumped by daily limit of 10 percent to 2.81 yuan, echoing the Shanghai free trade zone approval. Shanghai Jinqiao Export Processing Zone Development Co was up 4.39 percent to 8.79 yuan.
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