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Shares dip on index’s recent gains, IPO wave
Print Edition
SHANGHAI shares yesterday fell for a second day on speculation the key stock index has risen too much while investors worried about liquidity pressure from a new round of initial public offerings.
The Shanghai Composite Index shed 0.65 percent to close at 3,612.49 points, losing the most since December 8.
The Shanghai gauge has rebounded 23 percent from its August low and is heading for the biggest gain among major benchmark global indexes this quarter.
All 13 brokerages listed in Shanghai declined, with Industrial Securities Co off 5.8 percent to 11.69 yuan (US$1.81). Developer Gemdale Corp dived 8.98 percent to 15.11 yuan.
The eight companies that began their share subscriptions this week will freeze up to 1.5 trillion yuan as investors hoard cash for their bids, said China International Capital Corp.
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