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Shanghai equity index down due to IPO concern
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SHANGHAI stocks dipped today partly because some investors’ funds were frozen amid new initial public offerings in the Shanghai stock market. The Shanghai Composite Index dropped 0.62 percent to 2,195.82 points.
The new round of IPOs was launched by two companies. Hangzhou First Pv Material started trading at 27.18 yuan, while the debut share price of Jiangsu Yabang Dyestuff was 20.49 yuan.
The prices grew much higher compared with the average share price of 10.19 yuan in the previous round of IPOs. Frozen funds were estimated at hundreds of billions in the stock market. The general downward trend was tempered by rising oil company shares.
China yesterday lifted the ban on private enterprises in terms of crude oil import, dragging up share prices in the sector. Shanghai Lonyer Fuels gained 2.08 percent to 13.71 yuan.
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