The story appears on

Page B3

August 28, 2009

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Business » Finance

Firms' earnings pull down index

SHANGHAI'S benchmark stock index ended lower yesterday as corporate earnings of blue-chip companies failed to meet market expectations.

The Shanghai Composite Index dipped 0.71 percent, or 21.2 points, to close at 2,946.4.

Turnover rose slightly to 145.25 billion yuan (US$21.36 billion) from 143.73 billion yuan on Wednesday.

"Despite encouraging macroeconomic data, earnings of blue-chips such as lenders, brokerages and auto makers have fallen short of investor expectations, fanning concerns the market is excessively optimistic over the economic recovery," said Wan Bing, an analyst at GF Securities Co.

The weak corporate results coincided with a latest report made jointly by the Ministry of Industry and Information Technology and Chinese Academy of Social Sciences which pointed out that it would be increasingly difficult for full-year industrial profits to grow.

Auto makers led the declines, with SAIC Motor Corp falling 2.04 percent to 18.28 yuan and Dongfeng Automobile Co reversing 1 percent to 4.93 yuan. FAW Car Co dipped 1.74 percent to 18.08 yuan.

Lenders fell too. The Industrial and Commercial Bank of China shed 0.63 percent to 4.70 yuan and Shanghai Pudong Development Bank lost 2.56 percent to 20.16 yuan.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend