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.
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