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Shares dip on profit-taking and new IPOs
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SHANGHAI stocks dipped yesterday as investors took profits on blue chips while anticipating a new round of initial public offerings.
The Shanghai Composite Index shed 0.71 percent to 2,456.37 points.
Guilin Fuda became the first of 11 companies to start its IPO subscription on the Shanghai bourse yesterday. The others will follow from next Monday to Thursday.
Around 1.61 trillion yuan (US$263 billion) will be locked in investors’ accounts, marking a record high since IPOs resumed in late June, Guotai Junan Securities said in a statement.
The market also took a hit when investors started to cash in their blue chips, with banks and brokerages suffering the worst.
The Bank of China lost 2.98 percent to 2.93 yuan, Shanghai Pudong Development Bank dropped 2.79 percent to 10.45 yuan while Citic Securities fell 2.74 percent to 14.55 yuan.
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