Shanghai shares eke out 1st gain in 2014, IPO apprehension lingers

HONG KONG Tue Jan 7, 2014 2:08am EST

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HONG KONG Jan 7 (Reuters) - Shanghai shares eked out their first daily gain in 2014 on Tuesday in muted volumes as investors mulled how the market will react to a flood of new listings at a time money supply is tightening.

The Shanghai Composite Index ended up 0.1 percent at 2,047.3 points as volumes on the bigger of two mainland bourses sank to the weakest since November 2012. The CSI300 of the largest Shanghai and Shenzhen A-share listings finished flat.

In contrast, the Nasdaq-styled ChiNext Index of mostly technology startups listed in Shenzhen rose 2.1 percent on Tuesday.

Nearly 30 applications to issue new shares in the mainland have been approved, following a halt to new offerings in October 2012. The first two Chinese companies to publish fundraising targets plan to raise a combined 1.02 billion yuan ($167.7 million) when their IPOs come to the market later this week. (Reporting by Clement Tan; Editing by Richard Borsuk)

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