Shanghai slumps 1%

|By:, SA News Editor

Making a convenient excuse for Shanghai's biggest decline in two weeks is a heavy slate of IPOs (10) set to begin marketing this week. "IPO share sales will put pressure on market liquidity," says a money manager. "The market may need a breather and consolidation here before finding a direction."

Chinese IPOs have been popular this year, sporting an average 94% gain from their issue price.

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