China’s
stocks fell to a three-week low amid concern new share sales will
divert funds from existing equities and as securities firms tumbled
after regulators said they may allow banks to conduct brokerage
businesses.
Citic
Securities Co. and Haitong Securities Co. retreated more than 3 percent
after the China Securities Regulatory Commission said it’s considering
allowing banks to apply for brokerage licenses. Jiangxi Copper Co.
dropped 2.6 percent to pace declines for commodity shares as a
steeper-than-forecast drop in imports signaled weak demand.
The
Shanghai Composite Index fell for a third day, losing 1 percent to
3,209.22 as of 9:45 a.m. Twenty-three companies including Orient
Securities Co. are scheduled to sell new shares from Tuesday to Friday.
The sales are expected to freeze about 3 trillion yuan ($479 billion),
according to the median estimate of 12 brokerages surveyed by Bloomberg
News.
Hong
Kong’s Hang Seng China Enterprises Index declined 1.1 percent to
11,479.21. The CSI 300 Index slid 1.4 percent. The Hang Seng Index lost
0.8 percent. The Shanghai gauge plunged 2.1 percent last week, the first
weekly decline in four weeks.
The
Bloomberg China-US Equity Index fell 1 percent in New York on Friday,
tracking losses for U.S. stock gauges after American jobs data spurred
traders to bring forward bets on higher interest rates.
Source: Bloomberg
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