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Shanghai shares dragged down by fears over growth, new IPOs
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SHANGHAI stocks ended lower today amid worries over economic growth and a spate of new initial public offerings. The key Shanghai Composite Index shed 0.5 percent to 2,057.03. Turnover was 64.4 billion yuan (US$10.6 billion).
“The market is depressed by a slowing economy and anxiety that new IPOs may divert funds from existing shares,” Haitong Securities said in a note today.
The HSBC flash Purchasing Managers’ Index released yesterday showed China’s manufacturing activity was still in contraction in April, fourth months in a row.
The State Council, China’s cabinet, said yesterday it would allow private investment in 80 infrastructure projects in railway, port, energy and other sectors dominated by state-owned enterprises.
Data from the China Securities Regulatory Commission showed a total of 75 companies have released their IPO prospectuses. The disclosure, faster than expected, is considered a sign that another round of new IPOs is about to begin.
Shares related to the Shanghai Pilot Free Trade Zone extended losses today. Shanghai Waigaoqiao Free Trade Zone Development Co Ltd dropped 3.8 percent to 29.25 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd slumped 5 percent to 17.77 yuan.
Gemdale Corporation, China’s third-largest developer, surged by the daily limit of 10 percent to 9.35 yuan after Anbang Life Insurance Co Ltd increased its holdings in Gemdale to 10 percent through secondary market.
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