Shares dip on slow economy and IPOs
Print Edition
SHANGHAI stocks edged down yesterday as investors continued to worry about China’s economic growth and a spate of new initial public offerings
The Shanghai Composite Index shed 0.5 percent to 2,057.03.
“The market is depressed by a slowing economy and the anxiety about new IPOs that may divert funds from existing shares,” Haitong Securities said in a note.
A HSBC index showed that China’s manufacturing activity was contracting in April for a fourth consecutive month.
The State Council, China’s Cabinet, said on Wednesday that it would allow private investment in 80 infrastructure projects in industries including railway, port and energy that were dominated by state-owned enterprises.
“However, the impact is expected to be limited and unlikely to turn around the downtrend in the second quarter,” CITIC Securities said.
Data from the China Securities Regulatory Commission showed 75 companies have released their IPO prospectuses at a very quick pace, which was widely seen as IPOs would resume soon.
Shanghai Waigaoqiao Free Trade Zone Development Co dropped 3.8 percent to 29.25 yuan (US$4.69). Shanghai Lujiazui Finance and Trade Zone Development Co lost 5 percent to close at 17.77 yuan.
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