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Investors take profits ahead of IPO debuts
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SHANGHAI stocks fell over 1.8 percent yesterday as investors took profits on blue chips after their considerable gains over several days.
The Shanghai Composite Index declined 1.82 percent to 2,296.56 points.
Investors started to cash in their blue chips, and aviation, military manufacturers and media shares led the decline in the market.
Avic Aircraft dropped 7.8 percent to 14.90 yuan (US$2.42), China CSSC Holdings lost 7.03 percent to 29.90 yuan, while Chinese Universe Publishing And Media shed 7.65 percent to 15.22 yuan.
Another reason for the profit taking was that investors anticipated a new round of initial public offerings. Eight IPOs are slated to debut in the market from tomorrow to September 25.
Liu Sishan, analyst at Romaway Consultancy, expects investors to move their funds into new low-priced shares.
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