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Bad earnings reports drag stocks down
By Lydia Chen |
August 24, 2011, Wednesday
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Online Edition
Online Edition
MORNING gains were erased during afternoon trade on the Shanghai Stock Exchange that closed down today – dragged down by China Life Insurance Co after its half year earning report missed investors' expectations.
Rallies in Western markets only gave local market a short-lived inspiration in morning trading but retreated and wrapped up the day with a loss of 0.51 percent at 2,541.09. Turnover climbed to 70.7 billion yuan (US$11.06 billion) from yesterday's 60.9 billion yuan.
China Life, the country's biggest insurer, slumped 3.34 percent to 15.63 yuan. Rival Ping An Insurance was down 0.93 percent to 40.61 yuan.
Falls among blue chips such as cement makers, banks, coal and metal producers cemented the selling atmosphere in the market.
Huaxin Cement lost 2.7 percent to 24.11 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, shed 0.73 percent to 4.08 yuan. Yanzhou Coal Mining Co skipped 1.06 percent to 29.95 yuan.
"The index is likely to continue fluctuation since right now there's no incentives that can drive the market higher," China International Capital Corp said in a note today.
Yuan Jianxin, an analyst with Changjiang Securities, agreed.
"The market may have a short-lived rebound if western markets recover from previous tumbles and if inflation posts an obvious fall in August," Yuan said. "But in the medium-term, sustained momentum is nowhere in sight."
Rallies in Western markets only gave local market a short-lived inspiration in morning trading but retreated and wrapped up the day with a loss of 0.51 percent at 2,541.09. Turnover climbed to 70.7 billion yuan (US$11.06 billion) from yesterday's 60.9 billion yuan.
China Life, the country's biggest insurer, slumped 3.34 percent to 15.63 yuan. Rival Ping An Insurance was down 0.93 percent to 40.61 yuan.
Falls among blue chips such as cement makers, banks, coal and metal producers cemented the selling atmosphere in the market.
Huaxin Cement lost 2.7 percent to 24.11 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, shed 0.73 percent to 4.08 yuan. Yanzhou Coal Mining Co skipped 1.06 percent to 29.95 yuan.
"The index is likely to continue fluctuation since right now there's no incentives that can drive the market higher," China International Capital Corp said in a note today.
Yuan Jianxin, an analyst with Changjiang Securities, agreed.
"The market may have a short-lived rebound if western markets recover from previous tumbles and if inflation posts an obvious fall in August," Yuan said. "But in the medium-term, sustained momentum is nowhere in sight."
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