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Shares fall 2.14% on concerns of new share offering

(Xinhua)
Updated: 2008-08-04 16:04

Chinese shares fell 2.14 percent on Monday as investors worried that new share selling would drain liquidity from the market while hopes for the government's market-boost measures faded.

The benchmark Shanghai Composite Index fell 2.14 percent, or 60.08 points, to end at 2,741.74 points. The Shenzhen Component Index closed at 9,375.69 points, down 1.9 percent, or 181.23 points.

Combined turnover totaled 58.5 billion yuan ($8.55 billion), shrinking from 76.74 billion yuan on the previous trading day.

China South Locomotive and Rolling Stock Corp Ltd (CSR), the world's leading supplier of rail transit equipment, planned to sell up to 3 billion A-shares in its initial public offering (IPO), with 2.25 billion shares for online subscription and the rest for offline buyers.

The online subscription will start on Tuesday at 2.18 yuan per share, according to a CSR announcement on Monday.

Xinjiang Bayi Iron and Steel Co stock plummeted 8.38 percent to 9.07 yuan, while Hongyuan Securities dropped 5.24 percent to 15.52 yuan.

Airlines and oil refiners fell, responding to an overnight rebound in world crude oil prices.

Airlines decreased across the board. Air China shed 3.22 percent to 9.91 yuan, China Southern Airlines fell 3.49 percent to 7.74 yuan and Hainan Airlines lost 1.32 percent to 5.24 yuan.

PetroChina, the country's largest oil producer, was down 1.06 percent to 14.87 yuan, while Sinopec, Asia's top oil refiner, fell 2.2 percent to 11.13 yuan.

Hotel and tourism industry stocks gained with the 2008 Olympic Games just four days away. Shares of Beijing Capital Tourism Co added 5.04 percent to 23.12 yuan, while China CYTS Tours Holding Co rose 4.27 percent to 16.86 yuan.