Sluggish economy and huge IPO depress investor sentiment
By Hu Xiaocen |
June 26, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks fell to a five-month low yesterday on weak market sentiment as investors were spooked by a sluggish economic growth and a huge initial public offering that may drain capital.
The Shanghai Composite Index fell the most in three weeks by 1.63 percent to 2,224.11 points.
Great Wall Securities said the weak economy and tight liquidity depressed sentiment.
Brokerage firms fell ahead of tomorrow's online shares subscription for CITIC Heavy Industries Co's IPO. The securities regulator approved the heavy machinery maker's 4.13 billion yuan (US$651.8 million) IPO in March.
"CITIC Heavy Industries' IPO will have a large impact on the market this week," Orient Securities Co said yesterday. "Simultaneously, the lenders will soon compete for deposits." Shares of Citic Securities Co, one of the underwriters of the IPO, sank 2.7 percent to 12.31 yuan. Haitong Securities Co plunged 4.5 percent to 9.26 yuan, and Everbright Securities Co tumbled 4.4 percent to 12.3 yuan.
Lenders were mixed. The Industrial and Commercial Bank of China, the nation's biggest lender, gained 0.8 percent to 3.94 yuan. Shanghai Pudong Development Bank fell 1.1 percent to close at 8.35 yuan.
The Shanghai Composite Index fell the most in three weeks by 1.63 percent to 2,224.11 points.
Great Wall Securities said the weak economy and tight liquidity depressed sentiment.
Brokerage firms fell ahead of tomorrow's online shares subscription for CITIC Heavy Industries Co's IPO. The securities regulator approved the heavy machinery maker's 4.13 billion yuan (US$651.8 million) IPO in March.
"CITIC Heavy Industries' IPO will have a large impact on the market this week," Orient Securities Co said yesterday. "Simultaneously, the lenders will soon compete for deposits." Shares of Citic Securities Co, one of the underwriters of the IPO, sank 2.7 percent to 12.31 yuan. Haitong Securities Co plunged 4.5 percent to 9.26 yuan, and Everbright Securities Co tumbled 4.4 percent to 12.3 yuan.
Lenders were mixed. The Industrial and Commercial Bank of China, the nation's biggest lender, gained 0.8 percent to 3.94 yuan. Shanghai Pudong Development Bank fell 1.1 percent to close at 8.35 yuan.
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