China’s stock-index futures fell amid concern new share sales will lure funds from existing equities.
Futures
on the CSI 300 Index expiring in June, the most active contract, lost
1.5 percent to 4,550.80 as of 9:26 a.m. local time. Twenty companies are
scheduled to sell initial public offering shares from Tuesday to
Thursday, which may freeze 2.8 trillion yuan ($451.1 billion) based on
the median estimate of a Bloomberg survey.
The
Shanghai Composite Index dropped 1.6 percent on Friday, while the CSI
300 declined 1.8 percent. Hong Kong’s Hang Seng China Enterprises Index
advanced 1.7 percent and the Hang Seng Index gained 2 percent. The
Bloomberg China-US Equity Index added 0.6 percent in New York.
The
Shanghai Composite has rallied 113 percent over the past year amid
speculation the government will extend interest-rate cuts and speed up
mergers of state-owned firms. It is valued at 16.6 times 12-month
projected earnings, compared with the five-year average multiple of
10.2, according to data compiled by Bloomberg.
Source: Bloomberg
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