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Shanghai stocks inch up in morning trading
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SHANGHAI stocks edged up in the morning trading as utilities and distilleries advanced while small-cap media and technology firms slumped.
The key Shanghai Composite Index added 0.04 percent to 2,024.20 points. Half-day turnover was 32.6 billion yuan (US$5.3 billion).
“The market is likely to stay at the current level due to a lack of incentives,” said Shenyin & Wanguo Securities.
Inner Mongolia Mengdian Huaneng Thermal Power Corp led the gains of electricity generators, jumping 5.6 percent to 3.20 yuan. Beijing Jingneng Power Co Ltd advanced 4.6 percent to 3.41 yuan.
Distilleries recovered from yesterday’s losses. Kweichow Moutai Co Ltd gained 1.8 percent to 120.93 yuan. Shanxi Xinghuacun Fen Wine Factory Co Ltd added 1.4 percent to 18.46 yuan.
China’s securities watchdog will scrutinize 44 book-building participants and 13 underwriters in an effort to tighten supervision of initial public offerings, the China Securities Regulatory Commission said on its website yesterday.
Analysts said the move would help slow the pace of IPOs and ease market concerns over a flood of new shares.
Neway Valve (Suzhou) Co Ltd will get listed on the Shanghai Stock Exchange tomorrow, the first IPO in Shanghai after a 14-month hiatus. The company will sell 82.5 million shares, priced at 17.66 yuan each.
Small-cap media and technology shares dropped this morning, following the decline of their peers on the Shenzhen market, where ChiNext, a Nasdaq-style board for growth enterprises, lost 1.4 percent to 1,395.18 points.
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