Shares dip as liquidity woes hover
Print Edition
SHANGHAI stocks closed lower yesterday as liquidity pressure continued to hover the market ahead of new share offers.
The Shanghai Composite Index edged down 0.22 percent to 3,241.19 points. For the week, it shed 2.09 percent.
Changjiang Securities said investors were pulling money out of stocks ahead of subscriptions for a slew of initial public offerings from Tuesday to Friday.
Meanwhile, the central government has cut the target for China’s economic growth to around 7 percent this year, from 7.5 percent in 2014. Specifically, the growth target for fixed asset investment is cut to 15 percent from 17.5 percent in 2014.
Medical shares fell. Zhongyuan Union Cell & Gene Engineering dropped 4.61 percent to 53.58 yuan (US$8.56), Mayinglong Pharmaceutical lost 3.58 percent to 23.73 yuan, and Top Choice Medical Investment shed 3.62 percent to 58.61 yuan.
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