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Shanghai index falls 0.27% as pending IPOs weigh on investors
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SHANGHAI stocks traded lower in the morning session after China’s securities regulator announced the list of 28 companies that disclosed their IPO plans.
The key Shanghai Composite Index dropped 0.27 percent, or 5.65 points, to 2,092.10. Half-day turnover was 41.1 billion yuan (US$6.7 billion).
The China Securities Regulatory Commission said on its website over the weekend that 28 companies had disclosed their IPO plans, including 16 to be listed on the Shanghai Stock Exchange. The disclosure hints that IPOs will resume soon after a two-month break.
The announcement was unexpected because the CSRC last week said that it may postpone IPO approvals as applicants were required to update financial statements.
Since China lift the 14-month IPO moratorium in January, 48 companies have been listed.
Oil shares declined. China Petroleum & Chemical Corp shed 0.19 percent to 5.22 yuan. Sinopec Shanghai Petrochemical Co Ltd dropped 1.8 percent to 3.29 yuan. Shanghai Lonyer Fuels Co Ltd slumped 3.8 percent to 12.02 yuan.
Heavy manufacturers also declined. SAIC Motor Corp Ltd lost 1.6 percent to 14.21 yuan. Great Wall Motor Co Ltd fell 3.5 percent to 33.20 yuan. Shaanxi Aerospace Power Hi-Tech Co Ltd skid 2.9 percent to 18.30.
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