Shares fall on investor worry over IPOs
Print Edition
SHANGHAI stocks closed slightly lower yesterday, while investors were worried that liquidity may be insufficient due to upcoming listings and stricter rules on margin financing.
The Shanghai Composite Index fell 0.18 percent to 4,611.74 points. For the week, the index shed 0.98 percent.
Investors have been selling since May 18 to prepare for subscriptions of 23 initial public offerings starting on Tuesday.
Liquidity concerns rose after Reuters reported China’s central bank did a repurchase agreement operation on Thursday, which drained more than 100 billion yuan (US$16 billion) from the interbank market.
Brokers, including GF, Haitong, Changjiang, China Merchants and Guosen, have tightened margin financing conditions over the past few days, resulting in the liquidation of certain margin trades.
Brokerages led the market drop. Merchants Securities fell 2.63 percent to 30.32 yuan, Huatai Securities lost 2.50 percent to 29.22 yuan, Sinolink Securities slid 2.01 percent to 26.80 yuan, and Everbright Securities shed 1.45 percent to close at 30.52 yuan.
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