Shares dip on new IPO concerns
Print Edition
SHANGHAI stocks edged down yesterday as investor concerns rose over another batch of new share sales next week.
The Shanghai Composite Index shed 0.03 percent to 3,579 points. The index gained 4.2 percent for the week, the biggest advance in six weeks.
“A substantial rebound is unlikely in the short term due to pressure of new share sales next week,” said Wen Lijun, analyst at Nanjing Securities.
Eight companies will start their initial public offering subscriptions next week, and Changjiang Securities estimated the IPOs to lock up 2.56 billion yuan (US$395 million) in funds.
The overnight Shanghai interbank offered rate, a gauge of funding costs in the interbank lending market, rose 2.3 basis points to 1.81 percent yesterday while the one-month rate gained 6 basis points, the biggest rise since August 26, to 2.82 percent, data from the National Interbank Funding Center showed.
Airlines gained as oil prices fell again on rising stocks. China Southern Airlines Co added 7.9 percent to 8.75 yuan, and China Eastern Airlines Corp rose 4.7 percent to 7.85 yuan.
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