Stocks fall ahead of planned IPO floats
Print Edition
PROFIT-TAKING in the banking sector dragged down Shanghai stocks yesterday, ahead of new share floats.
The Shanghai Composite Index shed 0.49 percent to 3,286.07 points.
Huaxi Securities said investors were anxious to sell shares because a large portion of new initial public offerings will open for subscription today and tomorrow.
The banking sector fell after making notable gains on Monday.
The Bank of Beijing dropped 3.89 percent to 10.38 yuan (US$1.66), the Industrial Bank lost 3.13 percent to 14.25 yuan, China Citic Bank shed 2.97 percent to 6.87 yuan.
China’s CPI inflation rebounded more than expected to 1.4 percent in February, mainly due to the Lunar New Year holiday.
Nomura said that although CPI rebounded stronger than expected in February, considering weakening domestic demand, the disinflationary pressures will persist.
Nomura expected CPI inflation to dip year on year in March when the holiday effect fades, as the rebound in February CPI was largely due to seasonal factors.
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