The benchmark Shanghai Composite Index, which tracks both A and B shares, ended up 0.2% at 2967.01, off an intraday low of 2871.65.
The Shenzhen Composite Index rose 0.9% to 1039.33.
Analysts said the index is likely to consolidate in a 2900-3000 range for the remainder of this month.
"Consumer stocks will continue to attract interest as China enters Golden Week in October, which usually has higher sales than other months," said Jacky Zhang, an analyst at Capital Securities, the Wall Street Journal reoports.
It was also reported, Metallurgical Corporation of China Ltd. rose 28 percent on its first day of trading in Shanghai, less than half this year’s average debut gain, as rising supply and valuation concerns weighed on demand.
China Metallurgical, the construction company that helped build the “Bird’s Nest” Olympic stadium in Beijing, closed at 6.94 yuan from the 5.42 yuan offer price. The company raised 18.97 billion yuan ($2.8 billion) in the nation’s second-biggest initial public offering of 2009.
The state-owned contractor that builds mines and factories trailed the average 68 percent first-day advance of the 22 other IPOs this year after selling stock at 41.9 times last year’s earnings compared with 32 for the benchmark index. Chinese companies raised 96.1 billion yuan in local IPOs since a nine- month moratorium on sales ended in June.
“China Metallurgical’s pricing is not very attractive if you compare it with existing steel and metal companies,” Helen Lau, a Hong Kong-based analyst at OSK Securities Hong Kong Ltd., said by phone today. “Still, it’s in the range of fair pricing, only that it didn’t offer a discount.”
China’s securities regulator changed pricing guidelines for IPOs this year to make valuations reflect more closely what investors are willing to pay, Bloomberg reports.
MCC shares opened 35 percent above their IPO price of 5.42 yuan, slightly higher than a forecast by six analysts surveyed by Reuters, but well below the average first-day rise of more than 60 percent by other listed Chinese companies this year.
"This is a pretty weak debut, reflecting current market sentiment," said Li Xianming, strategist at Ping An Securities Co. "If the debut were a few days earlier, the price should have been higher."
Analysts said investors were also concerned about MCC's growth prospects given an expected slowdown in investment in a domestic steel industry facing huge overcapacity.
MCC, part-owned by leading steelmaker Baosteel, is China's oldest and biggest construction firm in the metals industry. Its businesses also include mining, equipment making and real estate development.
"MCC faces political and currency risks in its overseas mining projects," said Wang Dong, analyst at TX Investment Consulting Co.
"In China, slower investment in the iron and steel industry, as well as possible policy changes toward the steel sector, could hurt some of its businesses," Reuters reports.
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