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China Life and commodity plays drop in Shanghai
By Lydia Chen |
April 26, 2011, Tuesday
|
Online Edition
Online Edition
CROSS-BOARD sell-off dragged Shanghai stock market down for a third day today as concerns over a slower economic growth amid the country's repeated tightening started to inflame.
The Shanghai Composite Index declined 0.88 percent to 2,938.98. Turnover shrank to 112.45 billion yuan (US$17.3 billion).
The drop came with disappointed earning reports from China Life Insurance Co and small caps in ChiNext board, which flared worries that firms may see slower profit growth as anti-inflation measures start to kick in.
China Life dropped 2.62 percent to 20.83 yuan. The biggest Chinese insurer said net income fell 22 percent from a year earlier to 7.97 billion yuan from January to March as payouts jumped 88 percent after policies matured.
The profit concerns got deeper as 15 of the 74 firms on ChiNext, China's Nasdaq-style board in Shenzhen, said in their quarterly earning reports that they suffered losses or saw sharp profit decreases.
Steel plays continued yesterday's weak performance as slower economic growth is bound to reduce demands for materials such as steel and cement.
Jinan Iron & Steel Co plunged 9.97 percent to 6.32 yuan.
Commodity shares were among the worst hit today as prices of copper and gold both tumbled in a bout of profit-taking before the US Federal Reserve meeting today where policy makers will decide whether it has to begin exiting ultra-easy monetary policy.
Shandong Gold shed 5.66 percent to 50.96 yuan. Jiangxi Copper Co skipped 2.66 percent to 36.89 yuan.
The uncertainty over the possible stance change sent major Asian stocks down today. Japan's Nikkei 225 Stock Average decreased 1.2 percent. Hong Kong's Hang Index fell 1.1 percent. South Korea's Kospi Index lost 0.4 percent.
Fed Chairman Ben Bernanke will hold the first news conference ever by a Fed chief after the two-day policy committee meeting ends on Wednesday.
The Shanghai Composite Index declined 0.88 percent to 2,938.98. Turnover shrank to 112.45 billion yuan (US$17.3 billion).
The drop came with disappointed earning reports from China Life Insurance Co and small caps in ChiNext board, which flared worries that firms may see slower profit growth as anti-inflation measures start to kick in.
China Life dropped 2.62 percent to 20.83 yuan. The biggest Chinese insurer said net income fell 22 percent from a year earlier to 7.97 billion yuan from January to March as payouts jumped 88 percent after policies matured.
The profit concerns got deeper as 15 of the 74 firms on ChiNext, China's Nasdaq-style board in Shenzhen, said in their quarterly earning reports that they suffered losses or saw sharp profit decreases.
Steel plays continued yesterday's weak performance as slower economic growth is bound to reduce demands for materials such as steel and cement.
Jinan Iron & Steel Co plunged 9.97 percent to 6.32 yuan.
Commodity shares were among the worst hit today as prices of copper and gold both tumbled in a bout of profit-taking before the US Federal Reserve meeting today where policy makers will decide whether it has to begin exiting ultra-easy monetary policy.
Shandong Gold shed 5.66 percent to 50.96 yuan. Jiangxi Copper Co skipped 2.66 percent to 36.89 yuan.
The uncertainty over the possible stance change sent major Asian stocks down today. Japan's Nikkei 225 Stock Average decreased 1.2 percent. Hong Kong's Hang Index fell 1.1 percent. South Korea's Kospi Index lost 0.4 percent.
Fed Chairman Ben Bernanke will hold the first news conference ever by a Fed chief after the two-day policy committee meeting ends on Wednesday.
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