Concern over profit decline hits shares
Print Edition
SHANGHAI stocks fell yesterday over investor concerns about a profit decline amid a slowing economy.
The Shanghai Composite Index fell 1.74 percent to 3,375.20 points.
Sixty-nine percent of Shanghai-listed companies that have reported third-quarter earnings results so far have missed analyst estimates, according to Bloomberg News.
Financial shares declined as weak earnings and deposit rate liberalization are seen potentially hurting banks’ profit margins.
China Merchants Bank shed 1 percent to 17.86 yuan (US$2.81), and the Bank of Communications dipped 0.93 percent to 6.41 yuan. Haitong Securities fell 4 percent to 14.64 yuan.
Market sentiment was also impacted by the Westpac MNI China Consumer Sentiment Indicator, released by Market News International, a unit of Deutsche Boerse Group, which plunged 7.2 percent to 109.7 in October.
It was the lowest level since the survey began in 2007.
Huw McKay, Westpac’s senior international economist, said there “is no escape from the reality of an economy whose traditional growth engines are sputtering.”
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