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Shares dip as concerns rise over earnings reports, new IPOs
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SHANGHAI stocks retreated today, snapping a three-day winning streak, as worries over corporate earnings and new listings outweighed upbeat data showing a modest pick-up in economic growth.
The key Shanghai Composite Index shed 0.15 percent, or 3.08 points, to 2,067.28. Turnover stood at 102 billion yuan (US$16.5 billion) today.
China’s gross domestic product increased 7.5 percent during the April-June period from a year earlier, higher that the rate of 7.4 percent in the first quarter, the National Bureau of Statistics said this morning.
“Mini stimulus such as targeted monetary easing and increased fiscal spending contributed to the economic rebound,” said Guan Qingyou, an analyst at Minsheng Securities.
Guan said the government is expected to maintain policy easing as the downward pressure on economy will remain in the third quarter due to a weakening real estate sector.
Better economic data failed to boost the index as growth shares were weak amid fears of poor earnings reports.
“Shares of emerging sectors such as media and electronics that surged in previous sessions are now facing the test of upcoming earning reports,” said Shenyin & Wanguo Securities.
Concerns that new-share sales may divert funds from existing stocks also weighed on the market. New IPOs set for next week are expected to siphon off 766.5 billion yuan in funds, according to a Securities Daily report today.
Xiamen Faratronic, a manufacturer of film capacitor, fell 7 percent to 35.81 yuan. Universal Scientific Industrial declined 5.9 percent to 28.66 yuan.
Shares related to new-energy cars retreated after a bout of profit taking. Beijing Dynamic Power slumped 6.8 percent to 14.63 yuan. Guodian Nanjing Automation dropped 4.7 percent to 5.26 yuan.
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