Latest News:  


Shanghai index dips as investors fear oversupply

By Ye Zhen (Shanghai Daily)

15:33, March 25, 2013

SHANGHAI stocks snapped a four-day winning streak this morning amid fears of an oversupply of shares. The key Shanghai Composite Index lost 0.16 percent to 2,324.49 points. Turnover was 48.3 billion yuan (US$7.8 billion) by midday.

Non-tradable shares worth of 28.4 billion yuan will be allowed to circulate on the Shanghai and Shenzhen markets this week, a surge of 85.2 percent from last week's 15.3 billion yuan, The Securities Times reported today.

Investors are also worried that China's securities regulator may soon resume approval of initial public offerings after it suspended IPOs last December to launch a campaign against false disclosures and profit manipulations. The campaign is scheduled to finish before March 31 and there is speculation that the regulator will reboot the IPOs as early as next month.

As of March 15, 847 companies were waiting for regulatory approval to get listed on domestic exchanges, data from the China Securities Regulatory Commission showed.

Cement producers led the market down. Anhui Conch Cement Co, the country's biggest cement producer, lost 1 percent to 17.68 yuan. Gansu Qilianshan Cement Group Co shed 1.2 percent to 10.83 yuan. Shaanxi Qinling Cement (Group) Co slumped 2.4 percent to 6.08 yuan.

Most lenders declined. Industrial Bank lost 1.1 percent to 20.01 yuan. China Citic Bank Corp decreased 1.3 percent to 5.28 yuan.

We recommend:

China's financial might takes shape

Top 10 Chinese cities with highest urbanization quality

Chinese investment in Africa: Digging deeper

Top 10 innovative cities in Asia-Pacific

Nation may limit gold to 2% of foreign reserves

Lu Zhaoxi named Alibaba's new CEO

Email|Print|Comments(Editor:WangXin、Chen Lidan)

Leave your comment0 comments

  1. Name


Selections for you

  1. High-sea training taskforce in training

  2. South Sea Fleet holds beach landing drill

  3. Holi Festival celebrated in the Philippines

  4. Hailstorms affect 838,000 people

  5. Agriculture Carnival held in Beijing

  6. Pandas sent off for the cameras

  7. Peach Flower Cultural Tourism Festival

  8. Beckham plays football with young players

  9. Online business for selling Taobao goods

  10. Weekend trunk market held in Chongqing

Most Popular


  1. Xi's Russia visit yields concrete results
  2. What are the fruits of Obama's Middle East visit?
  3. Home prices thwarts people's 'Chinese dream'
  4. Economic slowdown puts peaceful rise in focus
  5. Opportunities, not threats
  6. Iraq War tenth anniversary gives us revelations
  7. Richer parents, more fashionable children
  8. Hopes for Obama's trip
  9. Commentary: To pivot to Asia or peace?

What’s happening in China

Top 10 richest people in Beijing 2013: Hurun

  1. Microwave boxes safe despite HK plastic warnings
  2. Gas kills four workers
  3. Police chief in underage sex case released
  4. Hail continues causing havoc in South China
  5. Drivers' deaths arouse concerns