Index fall on companies' dismal results
By Ye Zhen |
September 1, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks ended lower yesterday after several listed companies posted losses in the first six months of this year, showing the impact of China's economic slowdown.
The Shanghai Composite Index shed 0.25 percent to close at 2,047.52. The index lost 2.67 percent in August - the fourth consecutive month of losses. That's the longest streak since August 2004, according to data compiled by Bloomberg News.
The combined first-half profit of 2,477 companies listed on the Chinese mainland dipped 0.5 percent from a year earlier to 1.02 trillion yuan (US$161.9 billion), according to Zhejiang Hithink Flush Information Network Co. As of yesterday, all companies listed in Shanghai and Shenzhen have released their interim reports.
Excluding banks' earnings, their total profit shrank 15.8 percent year on year, further signs that China's economy remained weak in the first half.
CITIC Securities, China's biggest listed brokerage, fell 1.2 percent to 10.22 yuan after posting a 24.4 percent decline in first-half profit. Founder Securities Co fell 1.2 percent to 4.07 yuan, and Sinolink Securities Co shed 1 percent to 11.75 yuan.
The Industrial and Commercial Bank of China, the country's largest lender, dipped 0.8 percent to 3.82 yuan as its earnings growth slowed to 12.5 percent in the first six months, down from a 28.96 percent rise in the same period of last year. The Bank of Communications fell 1.6 percent to 4.32 yuan.
The Shanghai Composite Index shed 0.25 percent to close at 2,047.52. The index lost 2.67 percent in August - the fourth consecutive month of losses. That's the longest streak since August 2004, according to data compiled by Bloomberg News.
The combined first-half profit of 2,477 companies listed on the Chinese mainland dipped 0.5 percent from a year earlier to 1.02 trillion yuan (US$161.9 billion), according to Zhejiang Hithink Flush Information Network Co. As of yesterday, all companies listed in Shanghai and Shenzhen have released their interim reports.
Excluding banks' earnings, their total profit shrank 15.8 percent year on year, further signs that China's economy remained weak in the first half.
CITIC Securities, China's biggest listed brokerage, fell 1.2 percent to 10.22 yuan after posting a 24.4 percent decline in first-half profit. Founder Securities Co fell 1.2 percent to 4.07 yuan, and Sinolink Securities Co shed 1 percent to 11.75 yuan.
The Industrial and Commercial Bank of China, the country's largest lender, dipped 0.8 percent to 3.82 yuan as its earnings growth slowed to 12.5 percent in the first six months, down from a 28.96 percent rise in the same period of last year. The Bank of Communications fell 1.6 percent to 4.32 yuan.
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