Shares dip as IPOs fuel funds concerns
Print Edition
SHANGHAI shares yesterday fell for the second straight day amid investor worries over liquidity due to a likely increase in share sales.
The Shanghai Composite Index shed 0.79 percent to end at 3,136.75 points.
Analysts say the apparent increase in equity supply, fueled by faster approvals of initial public offerings and an increase in additional share sales by listed companies, has triggered a liquidity pressure on the market.
Last Friday, China’s securities regulator approved 14 IPO applications, which were set to raise up to 4.8 billion yuan (US$693 million).
All eight airlines listed on the Chinese mainland and some major telcos fell.
China Eastern Airlines and China Southern Airlines, the country’s two biggest carriers, both shed more than 4.4 percent on further profit-taking after their recent rally was fueled by lower oil prices.
China Unicom, the country’s second biggest telco, tumbled 8.49 percent to close at 6.90 yuan.
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