Earnings concerns send index lower
By Ye Zhen |
October 27, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks fell the most in five weeks yesterday amid concerns over company earnings results and waning hopes for further stimulus policies.
The Shanghai Composite Index shed 1.68 percent to 2,066.21 points, the sharpest fall since September 20. For the week, the index fell 2.9 percent, its first drop in four weeks.
Investors have been dampened by poor corporate earnings and became cautious, Shenyin and Wanguo Securities said.
Some big-name stocks were among the 440 companies listed on the Shanghai and Shenzhen exchanges which have released their third-quarter earnings by yesterday.
Maanshan Iron and Steel Co lost 4.4 percent to 1.97 yuan (32 US cents) after suffering a net loss of 3.1 billion yuan during the January-September period. Anhui Conch Cement Co, the country's biggest cement producer, fell 2 percent to 15.79 yuan after its net profit dived 66.8 percent on an annual basis in the third quarter.
The Shanghai Composite Index shed 1.68 percent to 2,066.21 points, the sharpest fall since September 20. For the week, the index fell 2.9 percent, its first drop in four weeks.
Investors have been dampened by poor corporate earnings and became cautious, Shenyin and Wanguo Securities said.
Some big-name stocks were among the 440 companies listed on the Shanghai and Shenzhen exchanges which have released their third-quarter earnings by yesterday.
Maanshan Iron and Steel Co lost 4.4 percent to 1.97 yuan (32 US cents) after suffering a net loss of 3.1 billion yuan during the January-September period. Anhui Conch Cement Co, the country's biggest cement producer, fell 2 percent to 15.79 yuan after its net profit dived 66.8 percent on an annual basis in the third quarter.
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