China shares close down at one-month low
Friday, 24 October 2014
SHANGHAI, Oct 23 (Reuters): China shares ended at a one-month low on Thursday, dampened by concerns over liquidity amid a rush of initial public offerings (IPOs) as well as profit-taking pressure.
The Shanghai Composite Index ended down 1.0 per cent at 2,303.7 points, falling for the third straight day. The CSI300 of the leading Shanghai and Shenzhen A-share listings lost 0.9 per cent.
Weighing on market sentiment were concerns over liquidity as a slew of companies conduct IPOs this week. Local media estimate that as much as 900 billion yuan ($147.1 billion) in funds would be locked up from the market.
Most heavyweight stocks fell, dragging the market lower although infrastructure-related shares gained following news the government had approved construction of five airports and three railway projects worth 150 billion yuan.