Index slips to biggest weekly loss in 3 months
By Hu Xiaocen |
March 24, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks sank yesterday amid slumping commodity prices and on deepening worries that slowing economic growth is hurting earnings.
The Shanghai Composite Index tumbled 1.1 percent to 2,349.54 points, the lowest level since February 14. The index dropped 2.3 percent this week, the biggest weekly loss in three months.
China United Network Communications, the country's second-largest mobile operator, shed 1.32 percent to 4.48 yuan (71 US cents) after reporting 2011 profit was lower than analysts' estimate.
The Agricultural Bank of China edged down 0.38 percent to 2.64 yuan after announcing a worse-than-expected profit. The lender's net income fell to 21.2 billion yuan in the fourth quarter of last year from the previous quarter's 34.1 billion yuan.
Investors are worried that China's economic slowdown is hurting company earnings. "Market tends to weaken, and heavyweight stocks might drag down the key index," said Zhang Hanshi, an analyst at Everred Securities.
Gold prices fell on dimmed demand outlook amid a slowing global economy, according to Markit Economics. Spot gold capped a second-weekly loss yesterday after touching US$1,628.22, the lowest level in more than two months. Zijin Mining Group Co, China's biggest gold miner, lost 2.48 percent to 4.32 yuan. Shandong Gold Mining Co slumped 3.15 percent to 33.84 yuan.
Also, Securities Daily reported an average jump of 80.31 percent in 18 listed property developers' interest expenses last year. Property developers performed badly. Poly Real Estate Group Co lost 1.4 percent to 10.60 yuan. Shanghai New Huang Pu Real Estate Co, tumbled 6.31 percent to 8.76 yuan.
The Shanghai Composite Index tumbled 1.1 percent to 2,349.54 points, the lowest level since February 14. The index dropped 2.3 percent this week, the biggest weekly loss in three months.
China United Network Communications, the country's second-largest mobile operator, shed 1.32 percent to 4.48 yuan (71 US cents) after reporting 2011 profit was lower than analysts' estimate.
The Agricultural Bank of China edged down 0.38 percent to 2.64 yuan after announcing a worse-than-expected profit. The lender's net income fell to 21.2 billion yuan in the fourth quarter of last year from the previous quarter's 34.1 billion yuan.
Investors are worried that China's economic slowdown is hurting company earnings. "Market tends to weaken, and heavyweight stocks might drag down the key index," said Zhang Hanshi, an analyst at Everred Securities.
Gold prices fell on dimmed demand outlook amid a slowing global economy, according to Markit Economics. Spot gold capped a second-weekly loss yesterday after touching US$1,628.22, the lowest level in more than two months. Zijin Mining Group Co, China's biggest gold miner, lost 2.48 percent to 4.32 yuan. Shandong Gold Mining Co slumped 3.15 percent to 33.84 yuan.
Also, Securities Daily reported an average jump of 80.31 percent in 18 listed property developers' interest expenses last year. Property developers performed badly. Poly Real Estate Group Co lost 1.4 percent to 10.60 yuan. Shanghai New Huang Pu Real Estate Co, tumbled 6.31 percent to 8.76 yuan.
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