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Shares hit by weak link uptake and IPOs
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SHANGHAI stocks yesterday fell for a third straight trading day as sentiment was affected by a weak uptake in the linkup with the Hong Kong stock exchange as well as liquidity fears ahead of new initial public offerings.
The Shanghai Composite Index shed 0.22 percent to 2,450.99 points.
Brokerages fell, with Industrial Securities lost 2.93 percent to 8.28 yuan (US$1.35), Haitong Securities dropped 1.21 percent to 11.44 yuan, while Citic Securities shed 1.03 percent to 14.40 yuan.
Trading on the Shanghai-Hong Kong Stock Connect, launched on Monday, had been disappointing in the first three days after high hopes that billions of dollars in daily cross-border trading would be generated did not materialize.
Trading continued to fall yesterday as Hong Kong dealers used up 20 percent of their daily allowance of Shanghai shares, down nearly half from Tuesday. Chinese mainland investors used up only 2.41 percent of their Hong Kong quota.
Another 10 IPOs will start subscription on the Shanghai bourse next week and possibly lock up 1.61 trillion yuan in investors’ accounts.
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