Shares drop as investors prepare for IPOs
Print Edition
SHANGHAI shares yesterday fell for the first time in five days as investors took profits to prepare for a second batch of initial public offerings next week.
The Shanghai Composite Index sank 1.67 percent to 3,524.99 points. It added 4.3 percent this week.
Poly Real Estate Group Co slid 3.17 percent to 11 yuan (US$1.72), and the Bank of China shed 3.92 percent to 4.17 yuan.
The second group of 10 IPOs will start subscriptions from next Friday, the China Securities Regulatory Commission said yesterday. They include Chunghsin Technology Group Co, Shenyang Taoli Bread Co and Henan Thinker Automatic Equipment Co.
“The announcement of the details of the second IPO batch could also place some downward pressure on the overall market,” said Gerry Alfonso, a trader at Shenwan Hongyuang Group Co in Shanghai.
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