Earnings concern drags index down
By Ding Yining |
September 1, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks ended slightly lower yesterday, the first decline in four days, as banks and brokerages stayed flat on concerns their earnings growth may not be sustained in the second half amid a slowing economy.
The benchmark Shanghai Composite Index edged down 0.52 percent to 2,638.80 on the last trading day of August. Turnover was 124.8 billion yuan (US$18.4 billion).
The index inched up 0.05 percent in August after gaining 10 percent in July.
"Financial players dropped on jitters that they may not repeat strong growth in the second half," said Liu Yu, an Orient Securities Co trader.
GF Securities Co lost 1.82 percent to 30.20 yuan. Changjiang Securities eased 1.99 percent to 11.32 yuan. Haitong Securities slipped 1.54 percent to 9.62 yuan.
"The market is worried that the Purchasing Managers Index for August will still remain low while the flat performance by the financial sector and heavy weights prevents the index from rebounding strongly," Changjiang Securities wrote in a research note.
Banks and insurers also dragged down the index. The Bank of Communications lost 1.15 percent to 6.02 yuan. Shanghai Pudong Development Bank was down 0.78 percent to 13.99 yuan. China Merchants Bank dropped 1.53 percent to 13.54 yuan.
China Life Insurance Co was down 1.28 percent to 22.30 yuan while China Pacific Insurance Group Co retreated 2.85 percent to 23.48 yuan.
Commodity producers bucked the downward trend. Shandong Gold Mining Co rose 1.24 percent to 42.60 yuan. Ningbo Fubang Jingye Group Co added 1.80 percent to 9.06 yuan.
The benchmark Shanghai Composite Index edged down 0.52 percent to 2,638.80 on the last trading day of August. Turnover was 124.8 billion yuan (US$18.4 billion).
The index inched up 0.05 percent in August after gaining 10 percent in July.
"Financial players dropped on jitters that they may not repeat strong growth in the second half," said Liu Yu, an Orient Securities Co trader.
GF Securities Co lost 1.82 percent to 30.20 yuan. Changjiang Securities eased 1.99 percent to 11.32 yuan. Haitong Securities slipped 1.54 percent to 9.62 yuan.
"The market is worried that the Purchasing Managers Index for August will still remain low while the flat performance by the financial sector and heavy weights prevents the index from rebounding strongly," Changjiang Securities wrote in a research note.
Banks and insurers also dragged down the index. The Bank of Communications lost 1.15 percent to 6.02 yuan. Shanghai Pudong Development Bank was down 0.78 percent to 13.99 yuan. China Merchants Bank dropped 1.53 percent to 13.54 yuan.
China Life Insurance Co was down 1.28 percent to 22.30 yuan while China Pacific Insurance Group Co retreated 2.85 percent to 23.48 yuan.
Commodity producers bucked the downward trend. Shandong Gold Mining Co rose 1.24 percent to 42.60 yuan. Ningbo Fubang Jingye Group Co added 1.80 percent to 9.06 yuan.
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