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China shares post worst weekly loss since late April
June 20, 2014 / 7:12 AM / 3 years ago

China shares post worst weekly loss since late April

HONG KONG, June 20 (Reuters) - China shares ended slightly up on Friday, but posted their worst weekly loss in almost two months on a spate of new initial public offerings which locked up a large amount of funds and prompted investors to divert money from their existing holdings.

The first four companies to pursue listings after a four-month hiatus attracted a combined 380 billion yuan ($61.20 billion) of bids, the China Securities Journal reported.

The Shanghai Composite Index reversed losses in the afternoon and ended up 0.2 percent at 2,026.67 points. The CSI300 of the leading Shanghai and Shenzhen A-share listings gained 0.5 percent.

Gains on Friday trimmed the Shanghai benchmark’s losses for the week to 2.1 percent, while the CSI300 lost 1.8 percent, both in their worst week since April 25.

China Vanke, the country’s largest listed real estate developer, rebounded 1.8 percent in its first daily gain this week.

$1 = 6.2090 Chinese yuan Reporting by Grace Li; Editing by Jacqueline Wong

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