Shares fall on liquidity concerns from IPOs
Print Edition
SHANGHAI stocks fell nearly 1 percent yesterday as liquidity concerns were raised after investors took profits ahead of new initial public offerings.
The Shanghai Composite Index lost 0.95 percent to 3,248.48 points.
Shenwan Hongyuan Securities said an estimated 2 trillion yuan (US$319 billion) will be used to subscribe to the IPOs from next Tuesday. Investors took profits by selling shares to get money for the subscriptions.
Xiao Gang, chairman of the China Securities Regulatory Commission, said yesterday that IPOs in 2015 will likely exceed the total number last year.
Aviation shares fell. Shaanxi Aerospace Power Hi-Tech tumbled 4.72 percent to 19.98 yuan, Sichuan Chengfa Aero Science and Technology dropped 4.03 percent to 30.95 yuan, and Jiangxi Hongdu Aviation Industry declined 3.35 percent to 32.56 yuan.
Meanwhile, Premier Li Keqiang told the ongoing National People’s Congress session in Bejing that China will use monetary policy tools flexibly this year, including open market operations, interest rates, reserve requirement ratio and re-lending.
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