Shares listed on China’s new science and technology-focused equities market failed to maintain their breakneck momentum on their second day of trading, with most stocks pulling back.
In morning trading in Shanghai on Tuesday, 21 out of the 25 companies listed on the new Star Market fell, having soared on Monday amid unbridled retail investor enthusiasm for the new trading venue.
Chipmakers Anji Microelectronics Technology and Montage Technology fell by 12 per cent and 4 per cent respectively, after having rocketed by as much as 520 per cent and 285 per cent respectively on Monday. Western Superconducting Technologies, which makes specialty metals, fell 13 per cent. One bright spot was Micro-Tech (Nanjing), a medical devices company, which gained 17 per cent.