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Chinese shares down 0.67% on trade data, IPO shift

(Xinhua)
Updated: 2009-06-11 16:11

Chinese equities edged lower Thursday as investors reacted to an accelerating fall in exports and an end to the suspension of initial public offerings (IPOs), dealers said.

The benchmark Shanghai Composite Index slid 0.67 percent, or 18.93 points, to 2,797.32. The Shenzhen Component Index went down 1.12 percent, or 120.83 points, to 10,699.91.

Combined turnover shrank to 201 billion yuan ($29.4 billion) from 219.82 billion yuan the previous trading day.

Losers led gainers by 528 to 282 in Shanghai and 463 to 230 in Shenzhen.

"The new foreign trade data undermined investors' confidence," said Qin Xiaobin, a senior equity strategy analyst with Galaxy Securities.

Related readings:  Chinese shares rise ahead of economic data release  Chinese shares gain 0.52%  Chinese shares edge down 0.48% on profit-taking  Chinese shares down 0.41% on profit-taking

Customs figures released Thursday showed exports fell 26.4 percent in May year on year, compared with a decline of 22.6 percent in April.

Exports in the first five months totaled $426.14 billion, down 21.8 percent from the same period last year, and imports fell 28 percent to $337.35 billion.

Further, news that China's securities regulator was ready to end a de facto suspension of IPOs on the Shanghai and Shenzhen stock exchanges also hurt stocks, Qin said.

Late Wednesday, the China Securities Regulatory Commission (CSRC) unveiled final guidelines for new IPOs that took effect Thursday.

Real estate, steel and iron and non-ferrous shares led the slide.

China Vanke, the largest property developer by market value, lost 2.94 percent to 10.89 yuan. China Merchants Real Estate shed 2.32 percent to close at 27.4 yuan.