China shares end lower, IPOs raise dilution concerns
SHANGHAI Aug 20 (Reuters) - China's stock indexes ended lower on Wednesday, on concerns that upcoming new listings will dilute market liquidity even as investors look to take profits from a rise in some large-cap shares.
Analysts also said sentiment was dampened by profit-taking in some index heavyweight shares, as well as a sell-off in media stocks on the ChiNext board after a three-day rally.
The Shanghai Composite Index finished down 0.2 percent at 2,240.21 points, while the CSI300 of leading Shanghai and Shenzhen A-share listings fell 0.4 percent to 2,366.14 points.
Late on Tuesday, the Chinese Securities Regulatory Commission (CSRC) announced that 11 Chinese companies would launch initial public offerings (IPO), with subscriptions starting at the end of August.
(Reporting by Chen Yixin and Pete Sweeney; Editing by Jacqueline Wong)
- Total CEO de Margerie killed in Moscow as jet hits snow plow |
- Sweden gets two new sightings, as hunt for undersea intruder goes on
- Pistorius starts five-year term for killing Reeva Steenkamp
- U.S. to funnel travelers from Ebola-hit region through five airports
- Ebola crisis turns a corner as U.S. issues new treatment protocols