Shares end flat after risk caution
SHANGHAI stocks closed generally flat yesterday after a decline by recently-listed companies offset gains made by consumer shares following the securities regulator’s warning of risks and bubbles.
The Shanghai Composite Index dipped 0.01 percent to end at 3,291.11 points.
The index was dragged by “sub-new shares,” referring to firms listed within one year and haven’t issued dividends, after the China Securities Regulatory Commission on Wednesday warned of risks in these firms where speculation is rife.
Recently listed shares Xuancheng Valin Precision Technology Co tumbled 8.70 percent to 25.09 yuan (US$3.97) and Nacity Property Service Co fell 5.11 percent to 41.22 yuan, “offsetting rises in consumer firms today,” said Zhou Jianbing, chief analyst at Sinolink Securities.
Meanwhile, consumer goods producers such as Shanxi Xinghuacun Fen Wine Factory Co gained 5.02 yuan to finish at 58.60 yuan while ShangHai JinFeng Wine Co added 4.15 percent to close at 8.28 yuan.
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