Chinese stocks drop ending week at a decline on IPOs
March 6, 2015 10:03 am
Chinese stocks retreated with the benchmark index ending with its first weekly loss on concern that next week’s IPOs will redirect funds from existing investments.
The Shanghai Composite Index shed 0.2% to 3,241.19 at the end of trade. This makes for a total of 2.1% in weekly decline. The CSI 300 Index fell by 0.5%. Hong Kong’s Hang Seng China Enterprises Index was steady while the Hang Seng Index tumbled by 0.2% to reach its lowest level since January 20.
Earlier in the week, the People’s Bank of China cut its benchmark index rate by a quarter percentage point last Saturday effective March 1. Next week, a new batch of IPO shares will be sold to the market.
The material has been provided by InstaForex Company – www.instaforex.com
Chinese stocks retreated with the benchmark index ending with its first weekly loss on concern that next week’s IPOs will redirect funds from existing investments.
The Shanghai Composite Index shed 0.2% to 3,241.19 at the end of trade. This makes for a total of 2.1% in weekly decline. The CSI 300 Index fell by 0.5%. Hong Kong’s Hang Seng China Enterprises Index was steady while the Hang Seng Index tumbled by 0.2% to reach its lowest level since January 20.
Earlier in the week, the People’s Bank of China cut its benchmark index rate by a quarter percentage point last Saturday effective March 1. Next week, a new batch of IPO shares will be sold to the market.
The material has been provided by InstaForex Company – www.instaforex.com
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