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Dismal profits at SOEs pull index down
By Ye Zhen |
September 19, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks fell for a second day yesterday after data showed that China's state-owned enterprises posted dismal earnings in the first eight months of this year.
The Shanghai Composite Index lost 0.91 percent to close at 2,059.54 points.
The profits of the SOEs, excluding those in the financial sector, fell 12.8 percent from a year earlier to 1.38 trillion yuan (US$218 billion) from January to August, the Ministry of Finance said.
A separate report from Wind Information Co showed that only 492 out of the 945 listed companies had predicted profit for the January-August period, with only 11 percent of them expecting higher earnings, the least in eight years.
The percentage of companies that may post better-than-expected earnings is less than what it was for the first six months, indicating that the profits of listed companies are declining further, said China International Capital Corp.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 3.7 percent to 33.23 yuan and Xiamen Tungsten Co fell 2.9 percent to 40.03 yuan.
The daily consumption of thermal coal at key power plants fell 573,000 tons, or 14.2 percent annually, to 3.47 million tons in August, the biggest drop this year, data from Zhong Neng Power Industry Fuel Co showed.
China Shenhua Energy Co, the nation's biggest coal producer, lost 1.9 percent to 21.97 yuan, Qinghai Sunshiny Mining Co slumped 4.8 percent to 4.56 yuan.
The Shanghai Composite Index lost 0.91 percent to close at 2,059.54 points.
The profits of the SOEs, excluding those in the financial sector, fell 12.8 percent from a year earlier to 1.38 trillion yuan (US$218 billion) from January to August, the Ministry of Finance said.
A separate report from Wind Information Co showed that only 492 out of the 945 listed companies had predicted profit for the January-August period, with only 11 percent of them expecting higher earnings, the least in eight years.
The percentage of companies that may post better-than-expected earnings is less than what it was for the first six months, indicating that the profits of listed companies are declining further, said China International Capital Corp.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 3.7 percent to 33.23 yuan and Xiamen Tungsten Co fell 2.9 percent to 40.03 yuan.
The daily consumption of thermal coal at key power plants fell 573,000 tons, or 14.2 percent annually, to 3.47 million tons in August, the biggest drop this year, data from Zhong Neng Power Industry Fuel Co showed.
China Shenhua Energy Co, the nation's biggest coal producer, lost 1.9 percent to 21.97 yuan, Qinghai Sunshiny Mining Co slumped 4.8 percent to 4.56 yuan.
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