China Stocks Close Lower as New IPOs Approved

China stocks fell on Wednesday, giving up some of the previous session’s 3 percent gain, after the securities regulator approved a new batch of initial public offerings (IPO).

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.5 percent, to 3,174.38, while the Shanghai Composite Index lost 1.0 percent, to 2,976.69 points.

The latest declines come amid a collapse in oil prices, fears of a China-led global economic downturn and as perceived policy missteps by Beijing sap confidence.

The markets fell despite the central bank’s pledge on Tuesday to inject more than 600 billion yuan ($ 91.22 billion) to help ease a liquidity squeeze expected before the Lunar New Year in early February.

Source : Reuters