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Shanghai shares shrug off IPO concern
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SHANGHAI shares extended their gains for a second day as the start-up board headed for a record high and investors showed little concern about liquidity amid this week’s initial public offerings (IPOs).
The Shanghai Composite Index added 1.7 percent to 4910.53 points, erasing a midday loss of as much as 0.7 percent on Tuesday. The index surged 4.7 percent on Monday, the largest gain since January, as an official national manufacturing gauge showed a third month of expansion.
“The emerging-industry stocks have been the major purchase today as investors believe that their earnings will be solid and grow faster than those in traditional industries,” said Wu Kan, a money manager at Dragon Life Insurance Co in Shanghai, who predicted that the market will soon stand up to the 5,000-point level.
While the ChiNext index at Shengzhen Stock Exchange jumped 4.9 percent to 3901.54 points to refresh its record. Software maker Yonyou Network Technology Co and Searainbow Holding Co jumped by the 10 percent daily limit as technology shares led gainers.
Eleven companies, including nuclear giant China National Nuclear Power Co, started taking IPO subscriptions on Tuesday, while another 12 firms will start taking order on Wednesday.
The total 23 new IPOs are expected to lock up to 8.3 trillion yuan (US$1.34 trillion) of cash but the market is still feeling optimistic over continued policies to support the bull run.
"The need of bottom fishing is equally important to the demand of new share subscriptions," said He Bin, chief analyst at Guosen Securities. "Locked-up funds for IPOs only have limited influence on the market this week."
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