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Bleak data drags down Shanghai stocks
By Ye Zhen |
August 27, 2012, Monday
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Online Edition
Online Edition
SHANGHAI stocks slumped this morning as data showed the profit of China's leading industrial firms shrank in July, fueling fear that the world's second largest economy is slipping into a deep downturn.
The key Shanghai Composite Index dropped 1.32 percent, or 27.61 points to 2,064.5 points. Turnover stood at 25.6 billion yuan (US$4.1 billion) at midday.
Profit at China's largest industrial enterprises in July dropped 5.4 percent from a year earlier to 366.8 billion yuan, compared with a decrease of 1.7 percent in June, the National Bureau of Statistics said today.
The profit lost 2.7 percent annually to 2.68 trillion yuan during the first seven months, the bureau said.
The economy has not bottomed out yet and is unlikely to improve in August due to weak demand and tight liquidity, Soochow Securities Co said. Upward risk to inflation and rising property prices are hindering monetary policy easing, the company said.
Brokerages were bearish among financial stocks. CITIC Securities, the biggest listed brokerage, dropped 3.4 percent to 10.39 yuan. Haitong Securities Co declined 3.2 percent to 8.24 yuan after reporting a 9.4 percent drop in first-half profit. Soochow Securities Co dived 4.1 percent to 7.09 yuan.
China Life Insurance, the country's biggest insurer, decreased 2.5 percent to 16.75 yuan. Ping An Insurance Co, China's second largest insurer, fell 3.4 percent to 39.49 yuan. China Pacific Insurance (Group) Co slipped 2.5 percent to 16.75 yuan.
China Petroleum and Chemical Co, Asia's biggest oil refiner, shed 1 percent to 5.96 yuan after it said its first-half net profit plunged 41.1 percent from a year earlier to 23.7 billion yuan, the lowest since 2008.
The key Shanghai Composite Index dropped 1.32 percent, or 27.61 points to 2,064.5 points. Turnover stood at 25.6 billion yuan (US$4.1 billion) at midday.
Profit at China's largest industrial enterprises in July dropped 5.4 percent from a year earlier to 366.8 billion yuan, compared with a decrease of 1.7 percent in June, the National Bureau of Statistics said today.
The profit lost 2.7 percent annually to 2.68 trillion yuan during the first seven months, the bureau said.
The economy has not bottomed out yet and is unlikely to improve in August due to weak demand and tight liquidity, Soochow Securities Co said. Upward risk to inflation and rising property prices are hindering monetary policy easing, the company said.
Brokerages were bearish among financial stocks. CITIC Securities, the biggest listed brokerage, dropped 3.4 percent to 10.39 yuan. Haitong Securities Co declined 3.2 percent to 8.24 yuan after reporting a 9.4 percent drop in first-half profit. Soochow Securities Co dived 4.1 percent to 7.09 yuan.
China Life Insurance, the country's biggest insurer, decreased 2.5 percent to 16.75 yuan. Ping An Insurance Co, China's second largest insurer, fell 3.4 percent to 39.49 yuan. China Pacific Insurance (Group) Co slipped 2.5 percent to 16.75 yuan.
China Petroleum and Chemical Co, Asia's biggest oil refiner, shed 1 percent to 5.96 yuan after it said its first-half net profit plunged 41.1 percent from a year earlier to 23.7 billion yuan, the lowest since 2008.
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