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Cement, metal stocks down, publishers up on Nobel prize
By Ye Zhen |
October 12, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks dipped this morning, paring early gains as investors remained cautious about the country's economic outlook and the poor performance of listed companies.
The benchmark Shanghai Composite Index slid 0.25 percent to 2,097.57 points. Turnover was 31.3 billion yuan (US$5 billion) by midday.
Market uncertainty may increase with further economic slowdown and deteriorating company profitability, Shenyin & Wanguo Securities said.
Data from Wind Information Co showed that a mere 12 percent of the 1,000 listed companies that have released their earnings forecast may post better-than-expected net profits as compared with 20 percent for the same period of 2009.
Cement producers were big losers this morning. Anhui Conch Cement Co, China's biggest cement producer, lost 1.6 percent to 15.92 yuan. Gansu Qilianshan Cement Group Co fell 5.2 percent to 10.75 yuan.
Rising Nonferrous Metals Share Co led the decline of non-ferrous metals producers, shedding 1.3 percent to 44.78 yuan, after its controlling shareholder slashed its holdings by 12 million shares or 4.8 percent of the company's capital stock.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 1 percent to 33.41 yuan. Xiamen Tungsten Co shrank 2.1 percent to 38.80 yuan.
Publishers jumped against the falling index on speculations that book sales will be boosted after Chinese author Mo Yan won the 2012 Nobel Literature Prize yesterday.
Shanghai Xinhua Media Co leaped by the daily limit of 10 percent to 6.23 yuan. Changjiang Publishing & Media Co surged 7.9 percent to 7.54 yuan. Time Publishing and Media Co jumped 4 percent to 10.95 yuan.
The benchmark Shanghai Composite Index slid 0.25 percent to 2,097.57 points. Turnover was 31.3 billion yuan (US$5 billion) by midday.
Market uncertainty may increase with further economic slowdown and deteriorating company profitability, Shenyin & Wanguo Securities said.
Data from Wind Information Co showed that a mere 12 percent of the 1,000 listed companies that have released their earnings forecast may post better-than-expected net profits as compared with 20 percent for the same period of 2009.
Cement producers were big losers this morning. Anhui Conch Cement Co, China's biggest cement producer, lost 1.6 percent to 15.92 yuan. Gansu Qilianshan Cement Group Co fell 5.2 percent to 10.75 yuan.
Rising Nonferrous Metals Share Co led the decline of non-ferrous metals producers, shedding 1.3 percent to 44.78 yuan, after its controlling shareholder slashed its holdings by 12 million shares or 4.8 percent of the company's capital stock.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 1 percent to 33.41 yuan. Xiamen Tungsten Co shrank 2.1 percent to 38.80 yuan.
Publishers jumped against the falling index on speculations that book sales will be boosted after Chinese author Mo Yan won the 2012 Nobel Literature Prize yesterday.
Shanghai Xinhua Media Co leaped by the daily limit of 10 percent to 6.23 yuan. Changjiang Publishing & Media Co surged 7.9 percent to 7.54 yuan. Time Publishing and Media Co jumped 4 percent to 10.95 yuan.
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