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Earnings fears depress Shanghai stocks
By Ye Zhen |
October 22, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks declined in morning trading, led down by non-ferrous metals producers on concerns that they will post weak earnings amid the country's economic downturn.
The benchmark Shanghai Composite Index shed 0.46 percent, or 9.74 points, to 2,118.56 points. Turnover stood at 23.3 billion yuan (US$3.7 billion) by midday.
Investors are increasingly nervous about corporate earnings reports to be released this week when 1,536 Shanghai- and Shenzhen-listed companies will disclose their net profits for the third quarter.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, fell among non-ferrous metals stocks, losing 3.4 percent to 32.31 yuan as the company's net profit slumped 89.6 percent annually to 120 million yuan in the third quarter.
Rising Nonferrous Metals Share Co dropped 2.8 percent to 43.25 yuan. Jiangxi Copper, China's biggest producer of the metal, lost 1.7 percent to 22.02 yuan. Xiamen Tungsten Co skidded 2.1 percent to 36.50 yuan.
Shenyin & Wanguo Securities expected the weighted average profit of the 25 major non-ferrous metals companies to drop 52.5 percent year on year in the first three quarters this year, widening from a 45 percent decrease in the first half of this year.
Property developers lost on speculations that local governments will tighten control of the sector after Shaanxi Province government ordered the city's developers to limit their profit margin to about 10 percent.
China Vanke, the nation's biggest developer, fell 1.5 percent to 8.29 yuan. Poly Real Estate, the second largest developer, lost 1.1 percent to 11.10 yuan. Gemdale Corporation shed 1.1 percent to 5.24 yuan.
The benchmark Shanghai Composite Index shed 0.46 percent, or 9.74 points, to 2,118.56 points. Turnover stood at 23.3 billion yuan (US$3.7 billion) by midday.
Investors are increasingly nervous about corporate earnings reports to be released this week when 1,536 Shanghai- and Shenzhen-listed companies will disclose their net profits for the third quarter.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, fell among non-ferrous metals stocks, losing 3.4 percent to 32.31 yuan as the company's net profit slumped 89.6 percent annually to 120 million yuan in the third quarter.
Rising Nonferrous Metals Share Co dropped 2.8 percent to 43.25 yuan. Jiangxi Copper, China's biggest producer of the metal, lost 1.7 percent to 22.02 yuan. Xiamen Tungsten Co skidded 2.1 percent to 36.50 yuan.
Shenyin & Wanguo Securities expected the weighted average profit of the 25 major non-ferrous metals companies to drop 52.5 percent year on year in the first three quarters this year, widening from a 45 percent decrease in the first half of this year.
Property developers lost on speculations that local governments will tighten control of the sector after Shaanxi Province government ordered the city's developers to limit their profit margin to about 10 percent.
China Vanke, the nation's biggest developer, fell 1.5 percent to 8.29 yuan. Poly Real Estate, the second largest developer, lost 1.1 percent to 11.10 yuan. Gemdale Corporation shed 1.1 percent to 5.24 yuan.
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