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Shares dip on lack of liquidity and IPOs
By Ye Zhen |
November 27, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks dipped yesterday over investor concerns about a likely lack of liquidity in the market with the unlocking of more non-tradable shares this week and a huge backlog of companies seeking IPOs.
The Shanghai Composite Index shed 0.49 percent to end at 2,017.46 points.
About 2.9 billion non-tradable shares worth 28.6 billion yuan (US$4.6 billion), up 22.5 percent from the amount released last week, will circulate in the Shanghai and Shenzhen markets this week, according to the Securities Times.
Meanwhile, 808 companies are lining up to launch initial public offerings in the two domestic markets, according to data from the China Securities Regulatory Commission.
"The increasing amount of unlocked non-tradable shares and companies lining up for IPOs are adding to investor worries over a liquidity crunch before the year-end," said CITIC Securities in a report yesterday.
Distilleries, which already face pressure from the government's spending cut on receptions, fell again as a tainted liquor scandal may erode their earnings, said Sun Zheng, analyst at Dongxing Securities.
Kweichow Moutai Co fell 2.3 percent to 217.05 yuan. Sichuan Tuopai Shede Wine Co lost 5.7 percent to 22.56 yuan and Shanxi Xinghuacun Fen Wine Factory Co shed 2.7 percent to close at 36.85 yuan.
The Shanghai Composite Index shed 0.49 percent to end at 2,017.46 points.
About 2.9 billion non-tradable shares worth 28.6 billion yuan (US$4.6 billion), up 22.5 percent from the amount released last week, will circulate in the Shanghai and Shenzhen markets this week, according to the Securities Times.
Meanwhile, 808 companies are lining up to launch initial public offerings in the two domestic markets, according to data from the China Securities Regulatory Commission.
"The increasing amount of unlocked non-tradable shares and companies lining up for IPOs are adding to investor worries over a liquidity crunch before the year-end," said CITIC Securities in a report yesterday.
Distilleries, which already face pressure from the government's spending cut on receptions, fell again as a tainted liquor scandal may erode their earnings, said Sun Zheng, analyst at Dongxing Securities.
Kweichow Moutai Co fell 2.3 percent to 217.05 yuan. Sichuan Tuopai Shede Wine Co lost 5.7 percent to 22.56 yuan and Shanxi Xinghuacun Fen Wine Factory Co shed 2.7 percent to close at 36.85 yuan.
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