Stocks fall after IPO floats announced
Print Edition
SHANGHAI stocks fell yesterday after the securities regulator announced a new batch of initial public offerings.
The Shanghai Composite Index lost 1.03 percent to end at 2,976 points.
The China Securities Regulatory Commission said after the market closed on Tuesday that it had approved seven companies to sell new shares under new listing rules that took effect on January 1.
Investors took profit from Tuesday’s sharp rebound before the IPOs, although the regulator said the listings would have limited impact on the market as pre-paid capital is no longer needed from investors during the IPO subscriptions process under the new rules.
Minsheng Securities said that investors were still cautious and the market sentiment remains sluggish.
Steel and property shares led the declines. Baoshan Iron and Steel Co tumbled 5.98 percent to 5.66 yuan (86 US cents). Gemdale Corp retreated 5.03 percent to 14.91 yuan. Poly Real Estate Group slumped 4.38 percent to 8.95 yuan.
Airlines were among the gainers amid a likely surge in passenger traffic for the Chinese New Year holiday. Air China surged the daily limit of 10 percent to 7.87 yuan.
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