Worst weekly loss in 2 months for index
Print Edition
SHANGHAI shares edged up yesterday but posted their worst weekly loss in almost two months because capital locked in new initial public offerings diverted funds from other counters.
The Shanghai Composite Index closed 0.2 percent higher at 2,026.67 points. For the week, the key index fell 2.1 percent as at least five companies said they were seeking to lure capital from investors’ existing holdings to their IPOs.
The five IPOs drew around 380 billion yuan (US$61 billion) in bids, media reported yesterday.
Guotai Junan Securities expected the market to rebound soon as it was already close to the bottom.
Technology shares led gains in the market.
Anhui USTC iFlytek Co, developer of a voice-recognition software similar to Apple’s Siri, jumped 6.79 percent to 27.36 yuan. BGCTV, a Beijing-based online TV network operator, gained 2.43 percent to end at 10.43 yuan.
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