Shares fall as investors glum over liquidity

Shanghai stocks yesterday fell to its lowest in more than a month as investor sentiment continued to be bleak amid concerns over liquidity.

The Shanghai Composite Index shed 1.93 percent to 3,075.91 points, the lowest close since December 25. For the week, it lost 4.19 percent.

The new initial public offerings next week will feature a record-breaking 24 companies since IPO approvals resumed in June 2014, and are expected to lure around 2 trillion yuan (US$320 billion) in subscriptions.

Northeast Securities was not optimistic that the cut by the People's Bank of China of banks' reserve requirement ratio would necessarily draw funds into the stock market.

The real estate sector led the fall after annual earnings reports showed a quarter of listed property companies were not profitable while one fifth of them suffered a profit decline.

Shanghai New Huangpu Real Estate tumbled 8.21 percent to 16.43 yuan, and Beijing Capital Development dropped 5.68 percent to 9.30 yuan.

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