Index falls on poor earnings report
By Vera Ye |
August 23, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks fell yesterday as investor confidence remained weak due to the delay in stimulus measures and poor earnings reports.
The benchmark Shanghai Composite Index fell 0.5 percent to close at 2,107.71 points.
Analysts said the government may hold off monetary policy easing after the central bank injected a record 220 billion yuan (US$34.6 billion) into the market on Tuesday via reverse repurchase operations.
CITIC Securities analyst Fu Xiong said more Chinese cities recorded a rise in home prices in July and this, combined with expectations that inflation may pick up in August, led to a delay in further policy easing.
Poor corporate earnings also weighed on the market.
Soochow Securities Co shed 2 percent to 7.46 yuan. Founder Securities Co lost 1 percent to 4.21 yuan. Sinolink Securities Co retreated 1.8 percent to 10.82 yuan.
The benchmark Shanghai Composite Index fell 0.5 percent to close at 2,107.71 points.
Analysts said the government may hold off monetary policy easing after the central bank injected a record 220 billion yuan (US$34.6 billion) into the market on Tuesday via reverse repurchase operations.
CITIC Securities analyst Fu Xiong said more Chinese cities recorded a rise in home prices in July and this, combined with expectations that inflation may pick up in August, led to a delay in further policy easing.
Poor corporate earnings also weighed on the market.
Soochow Securities Co shed 2 percent to 7.46 yuan. Founder Securities Co lost 1 percent to 4.21 yuan. Sinolink Securities Co retreated 1.8 percent to 10.82 yuan.
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