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Chinese shares decline despite the launch of margin trading
By Winny Wang |
March 31, 2010, Wednesday
|
Online Edition
Online Edition
SHARES on the Chinese mainland declined in the morning session despite the launch of margin trading and short selling that are designed to boost market liquidity.
The Shanghai Composite Index, which tracks the bigger mainland bourse, lost 0.32 percent to 3,118.51 as of 11:30am. Turnover stood at 63.72 billion yuan (US$9.33 billion). Losers outnumbered gainers by 448 to 352 with 64 stocks unchanged.
The Shenzhen Composite Index, which tracks the smaller exchange, edged up 0.38 percent to 1,213 points.
Shenyin & Wanguo Securities Co lowered its estimate of corporate earnings growth on concerns over increasing costs led by growing inflation.
It said in a report today that earnings of companies listed on the mainland may have risen 18.1 percent last year, compared with its earlier projection of 20.5 percent. This year's profit is estimated to gain 27.2 percent, slower than the earlier forecast of 28 percent.
Lenders, which gained for two straight days bolstered by the news of stock index futures' launch, retreated in the morning although they are targets for margin trading and short-selling.
Bank of China, the country's biggest foreign currency bank, dropped 1.14 percent to 4.32 yuan apiece and Industrial and Commercial Bank of China, the world's largest lender by market value, dipped 0.6 percent to 4.99 yuan.
Citic Securities Co, China's biggest brokerage by market value, rose 1.17 percent to 28.60 yuan apiece after reporting a jump in net profit of last year.
The broker's net income rose by 23 percent last year to 8.98 billion yuan baked by the stock market rally that drove a recovery in trading.
The Shanghai Composite Index, which tracks the bigger mainland bourse, lost 0.32 percent to 3,118.51 as of 11:30am. Turnover stood at 63.72 billion yuan (US$9.33 billion). Losers outnumbered gainers by 448 to 352 with 64 stocks unchanged.
The Shenzhen Composite Index, which tracks the smaller exchange, edged up 0.38 percent to 1,213 points.
Shenyin & Wanguo Securities Co lowered its estimate of corporate earnings growth on concerns over increasing costs led by growing inflation.
It said in a report today that earnings of companies listed on the mainland may have risen 18.1 percent last year, compared with its earlier projection of 20.5 percent. This year's profit is estimated to gain 27.2 percent, slower than the earlier forecast of 28 percent.
Lenders, which gained for two straight days bolstered by the news of stock index futures' launch, retreated in the morning although they are targets for margin trading and short-selling.
Bank of China, the country's biggest foreign currency bank, dropped 1.14 percent to 4.32 yuan apiece and Industrial and Commercial Bank of China, the world's largest lender by market value, dipped 0.6 percent to 4.99 yuan.
Citic Securities Co, China's biggest brokerage by market value, rose 1.17 percent to 28.60 yuan apiece after reporting a jump in net profit of last year.
The broker's net income rose by 23 percent last year to 8.98 billion yuan baked by the stock market rally that drove a recovery in trading.
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