Index falls on worries over slow growth
By Chen Li |
April 27, 2011, Wednesday
|
Print Edition
Print Edition
SELLING across the board yesterday dragged the Shanghai key stock index down for a third day amid concerns over slower economic growth as China's repeated tightening measures start to take effect.
The Shanghai Composite Index fell 0.88 percent to 2,938.98, the lowest close since March 31.
The index's drop came as China Life Insurance Co reported disappointing earnings results and small companies listed on the ChiNext board in Shenzhen reported losses or a sharp drop in earnings.
China Life dropped 2.5 percent to close at 20.85 yuan. The biggest Chinese insurer said net income fell 22 percent from a year earlier to 7.97 billion yuan in the first quarter as payouts jumped 88 percent after policies matured.
Investors became even more gloomy when 15 of the 74 companies on ChiNext, China's Nasdaq-style board, said in their quarterly earning reports that they either suffered losses or their profits fell sharply.
Steel shares continued to perform weakly as slower economic growth will reduce demand for materials such as steel and cement. Jinan Iron and Steel Co plunged 10 percent to 6.32 yuan.
Commodity shares dropped as prices of copper and gold fell. Shandong Gold shed 5.7 percent to 50.96 yuan. Jiangxi Copper Co lost 2.7 percent to end at 36.89 yuan.
The Shanghai Composite Index fell 0.88 percent to 2,938.98, the lowest close since March 31.
The index's drop came as China Life Insurance Co reported disappointing earnings results and small companies listed on the ChiNext board in Shenzhen reported losses or a sharp drop in earnings.
China Life dropped 2.5 percent to close at 20.85 yuan. The biggest Chinese insurer said net income fell 22 percent from a year earlier to 7.97 billion yuan in the first quarter as payouts jumped 88 percent after policies matured.
Investors became even more gloomy when 15 of the 74 companies on ChiNext, China's Nasdaq-style board, said in their quarterly earning reports that they either suffered losses or their profits fell sharply.
Steel shares continued to perform weakly as slower economic growth will reduce demand for materials such as steel and cement. Jinan Iron and Steel Co plunged 10 percent to 6.32 yuan.
Commodity shares dropped as prices of copper and gold fell. Shandong Gold shed 5.7 percent to 50.96 yuan. Jiangxi Copper Co lost 2.7 percent to end at 36.89 yuan.
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