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Fears of further slowdown drag Shanghai shares
By Ye Zhen |
August 7, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI shares edged down this morning amid concerns over further slowdown of the world's second largest economy. The Shanghai Composite Index shed 0.03 percent, or 0.56 points to 2,154.36 points. Turnover was 35.9 billion yuan (US$5.6 billion) by midday.
China Life Insurance, the country's biggest insurer, fell 1.6 percent to 18.56 yuan as the company estimated its net profit would shrink. Ping An Insurance Co, China's second largest insurer, tumbled 1.7 percent to 43.85 yuan. China Pacific Insurance (Group) Co dived 2.3 percent to 21.46 yuan.
It's hard for companies to improve their performance in a short term due to a high debt ratio, flagging demand and rising labor cost, said Li Yang, vice president of the Chinese Academy of Social Sciences.
Cement producers were bearish as cement prices fell across the country and their inventories grew. Anhui Conch Cement Co, China's biggest cement producer, fell 1.3 percent to 14.94 yuan. Zhejiang Jianfeng Group Co, a building materials supplier, skidded 0.7 percent to 10.93 yuan. Gansu Qilianshan Cement Group dipped 0.5 percent to 10.93 yuan.
Gold miners were winners this morning as gold futures closed at their highest level in a week in New York yesterday on lower dollar.
Zijin Mining Group Co, the nation's largest gold producer, jumped 6.4 percent to 4 yuan. Shandong Gold Mining Co rose 3 percent to 34.89 yuan. Zhongjin Gold Corp climbed 2.7 percent to 22.57 yuan.
China Life Insurance, the country's biggest insurer, fell 1.6 percent to 18.56 yuan as the company estimated its net profit would shrink. Ping An Insurance Co, China's second largest insurer, tumbled 1.7 percent to 43.85 yuan. China Pacific Insurance (Group) Co dived 2.3 percent to 21.46 yuan.
It's hard for companies to improve their performance in a short term due to a high debt ratio, flagging demand and rising labor cost, said Li Yang, vice president of the Chinese Academy of Social Sciences.
Cement producers were bearish as cement prices fell across the country and their inventories grew. Anhui Conch Cement Co, China's biggest cement producer, fell 1.3 percent to 14.94 yuan. Zhejiang Jianfeng Group Co, a building materials supplier, skidded 0.7 percent to 10.93 yuan. Gansu Qilianshan Cement Group dipped 0.5 percent to 10.93 yuan.
Gold miners were winners this morning as gold futures closed at their highest level in a week in New York yesterday on lower dollar.
Zijin Mining Group Co, the nation's largest gold producer, jumped 6.4 percent to 4 yuan. Shandong Gold Mining Co rose 3 percent to 34.89 yuan. Zhongjin Gold Corp climbed 2.7 percent to 22.57 yuan.
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