The Chinese stock market led the region lower, hitting a 14-month low, as tight liquidity in the local market forced investors to sell to make room for Agricultural Bank of China's initial public offering, potentially the world's largest IPO to date.
The key Shanghai Composite Index [CN;SHI 2427.052 -108.226 (-4.27%)]sank 4.3 percent to 2,427.1 points, its lowest close since April 2009.
The index, one of the world's worst performers, is down about 22 percent so far this quarter and 26 percent for the year.
Institutions will start subscribing to the Shanghai portion of AgBank's dual Shanghai-Hong Kong IPO on Thursday, while retail subscriptions are scheduled for early next week.
Analysts are forecasting AgBank's Shanghai IPO will attract subscription funds of 2 trillion to 3 trillion yuan ($294-441 billion), worsening a shortfall of funds in China's money market.
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