HONG KONG Jan 7 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
In contrast, the Nasdaq-styled ChiNext Index of
mostly technology startups listed in Shenzhen rose 2.1 percent
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)