Shares dip as IPO worries offset positive PMI
Print Edition
SHANGHAI stocks dipped yesterday as concerns over new shares offset upbeat data of possible growth in China’s manufacturing sector in June for the first time in six months.
The Shanghai Composite Index slipped 0.11 percent to 2,024.37.
The initial public offerings of four companies have already drawn over 380 billion yuan (US$61 billion) after they opened to subscriptions, Dongguan Securities said yesterday.
“As more IPOs open for subscriptions, hundreds of billions of funds will be locked up,” the brokerage said.
The market fell despite HSBC’s flash China manufacturing purchasing managers’ index rising to 50.8 in June, up from the final reading of 49.4 in May. The reading, released yesterday, was the highest in seven months and above 50 that marks decline from growth.
The Industrial and Commercial Bank of China shed 1.2 percent to 3.41 yuan, and Hua Xia Bank dropped 1.1 percent to close at 8.16 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
