Finance, property shares knock index
Print Edition
SHANGHAI stocks dipped yesterday as financial shares declined on poor earnings and property developers fell after gaining for days.
The Shanghai Composite Index lost 0.18 percent, or 3.64 points, to 2,063.67.
“The market is under pressure due to rising credit default risks, uncertainties about earnings and the looming resumption of new share offerings,” Haitong Securities said in a note yesterday.
There has been speculation the China Securities Regulatory Commission will start to approve new initial public offerings as soon as April after the regulator last Friday released amendments to further improve the system for firms to list domestically.
Financial shares fell over dismal earnings, with Everbright Securities losing 0.5 percent to 7.89 yuan (US$1.27) after it reported a 79 percent plunge in net profit last year. The brokerage was fined a record 523.3 million yuan last year by the CSRC for insider trading.
The Agricultural Bank of China, the country’s third-biggest lender, ended flat yesterday as it posted a 14.6 percent rise in profit last year, the slowest growth rate since the bank went public in 2010.
Property developers shed, with Poly Real Estate off 0.9 percent to 7.42 yuan and China Fortune Land Co falling 0.32 percent to 28.40 yuan.
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