Firms' earnings pull down index
By Joyce Pan |
August 28, 2009, Friday
|
Print Edition
Print Edition
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.
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.
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