Shares fall ahead of booking for IPOs
Print Edition
SHANGHAI stocks ended lower yesterday as investors locked in gains ahead of subscriptions for new initial public offerings next week.
The Shanghai Composite Index shed 0.72 percent to 2,356.5 points.
The China Securities Regulatory Commission said on Wednesday after the market close that it had approved 11 new IPOs — six on the Shanghai Stock Exchange, two on the small and medium enterprises board in Shenzhen, and three on the ChiNext board.
Nine companies will open their IPOs for subscriptions next week, increasing pressure on market liquidity.
“The coming new listings dented the appetite for market risks while a wave of profit-taking in overseas markets also depressed market sentiment,” said Shenyin & Wanguo Securities.
In Shanghai, lingering concerns over China’s economic growth weighed on metal producers and property developers, offsetting gains made by railway companies.
Baoshan Iron & Steel fell 2.3 percent to 4.32 yuan (71 US cents). Inner Mongolia Baotou Steel Union declined 3.1 percent to 2.79 yuan. Poly Real Estate fell 2.1 percent to 5.69 yuan, and Huayuan Property dropped 5.7 percent to 3.81 yuan.
The railway sector saw some light at the end of the tunnel after China and Russia agreed to cooperate in high-speed railway projects. Both CSR Corp and China CNR Corp surged by the daily limit of 10 percent.
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