Slump in new shares pushes index down
Print Edition
SHANGHAI stocks ended slightly lower yesterday, hurt by a slump in recently listed shares amid speculation that authorities had taken action to curb speculative trading in them.
The Shanghai Composite Index dipped 0.07 percent to end at 2,929.61 points, snapping a winning streak of three days.
The benchmark lost 17.2 percent in the first half of this year.
Recently listed shares such as Nanjing Doron Technology Co, which went public last month, fell by the daily limit of 10 percent, and Nantong Square Cold Chain Equipment Co fell 9.6 percent.
A number of “sub-new shares,” referring to firms listed within one year and haven’t issued dividends, halted trading yesterday to investigate abnormal volatility in their prices in previous sessions, according to exchange filings.
“For the past few months, newly listed shares have been chased by speculative funds due to relatively small capitalization and low risk of selling pressure from lockup holdings,” said Liu Kaizhong, analyst at Changjiang Securities. “Regulators seemed to have taken measures to cool the speculative frenzy.”
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