Index set back 1% as investors take profit
Print Edition
SHANGHAI stocks fell yesterday as investors took profit in anticipation of new initial public offerings.
The Shanghai Composite Index lost 1.02 percent to 3,747.90 points after hitting a seven-year high on Monday.
The China Securities Regulatory Commission was expected to release a list of new share offers tomorrow, with analysts predicting that 30 companies will see their IPO approvals.
Shenwan Hongyuan Securities said that though the exact number of new IPOs remained vague, the market had seen liquidity worries.
Real estate firms reeled from profit-taking yesterday after authorities announced measures to support the property sector on Monday.
The required down payment for second homes has been lowered to 40 percent from 60 percent, according to a circular jointly issued by the People’s Bank of China, the Ministry of Housing and Urban-Rural Development, and the China Banking Regulatory Commission.
Gree Real Estate Co dropped 5.01 percent to 27.29 yuan (US$4.40), Ningbo Fuda Co lost 3.97 percent to 6.78 yuan, and Beijing Capital Development Co shed 3.95 percent to 11.93 yuan.
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