Market Report - MCC Surges

In todays market report Metallurgical Corp of China surged in its Shanghai debut opening 35 percent above its offer price. Its a building firm that completed the world's second-biggest IPO this year.

But fears of oversupply amid of slew of new IPOs after Chinese authorities lifted a 10-month ban on new share sales dragged on the Shanghai index.

Elsewhere in Asia trade was sluggish with most markets, including Japan, being closed.

However, shares in casinos surged as China quietly eased restrictions on its citizens travelling from Guangdong Province to Macau.

Meanwhile Las Vegas casino operator Wynn raised its Hong Kong IPO for its Macau unit to make around $1.6 billion after a favorable response to investors.

And China's biggest privately owned carmaker Geely Automotive is reportedly in talks with an investment arm of Goldman Sachs.

Goldman may invest $250 million in Geely, whose parent is eyeing Ford's Swedish car brand Volvo.

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News & Politics

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• Asian share market
• MCC
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