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Economic uncertainty weighs on Shanghai stocks
By Ye Zhen |
August 15, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning as market sentiment remained weak amid concern over the nation's economic growth and a lack of stimulus measures.
The benchmark Shanghai Composite Index lost 0.75 percent, or 16.05 points to 2,126.48 points. Turnover stood at 25.9 billion yuan (US$4 billion) at midday.
China's economy is expected to bottom out in the third quarter but an immediate rebound is unlikely, and a sluggish stock market may linger longer than expected, said Great Wall Securities.
Oil-related stocks led the market down. China Oilfield Services Ltd fell 2.6 percent to 16.89 yuan. Offshore Oil Engineering Co decreased 2 percent to 5.88 yuan. China Petroleum and Chemical Co, China's largest oil refiner, shed 0.5 percent to 6.16 yuan. PetroChina Co, the second biggest player, dipped 0.4 percent to 8.94 yuan.
Lenders also fell among financial stocks. Shanghai Pudong Development Bank slumped 2.6 percent to 7.60 yuan. China Merchants Bank Co dropped 1.9 percent to 9.98 yuan. Bank of Communications Co slid 1.1 percent to 4.43 yuan.
Brokerages were bearish after the combined net profits of seven listed brokerages that published their first-half reports fell 28.5 percent from a year earlier. Citic Securities, the biggest listed brokerage, lost 1 percent to 10.70 yuan. Haitong Securities Co retreated 1.4 percent to 8.68 yuan.
Soochow Securities Co sagged 1.4 percent to 7.63 yuan.
The benchmark Shanghai Composite Index lost 0.75 percent, or 16.05 points to 2,126.48 points. Turnover stood at 25.9 billion yuan (US$4 billion) at midday.
China's economy is expected to bottom out in the third quarter but an immediate rebound is unlikely, and a sluggish stock market may linger longer than expected, said Great Wall Securities.
Oil-related stocks led the market down. China Oilfield Services Ltd fell 2.6 percent to 16.89 yuan. Offshore Oil Engineering Co decreased 2 percent to 5.88 yuan. China Petroleum and Chemical Co, China's largest oil refiner, shed 0.5 percent to 6.16 yuan. PetroChina Co, the second biggest player, dipped 0.4 percent to 8.94 yuan.
Lenders also fell among financial stocks. Shanghai Pudong Development Bank slumped 2.6 percent to 7.60 yuan. China Merchants Bank Co dropped 1.9 percent to 9.98 yuan. Bank of Communications Co slid 1.1 percent to 4.43 yuan.
Brokerages were bearish after the combined net profits of seven listed brokerages that published their first-half reports fell 28.5 percent from a year earlier. Citic Securities, the biggest listed brokerage, lost 1 percent to 10.70 yuan. Haitong Securities Co retreated 1.4 percent to 8.68 yuan.
Soochow Securities Co sagged 1.4 percent to 7.63 yuan.
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