Investor concerns send index to lowest finish in over 3 years
By Ye Zhen |
August 28, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks posted the biggest daily loss in six weeks yesterday as worries grew over China's economy amid falling profit in the largest domestic industrial firms and weak company earnings.
The Shanghai Composite Index shed 1.74 percent to 2,055.7 points, the lowest close in 41 months.
China's largest industrial enterprises suffered an annual 5.4 percent drop in profit in July to 366.8 billion yuan (US$57.7 billion), a faster pace compared with June's 1.7 percent decline, the National Bureau of Statistics said yesterday.
Their profit fell 2.7 percent to 2.68 trillion yuan during the first seven months, from a gain of 25.4 percent over the same period last year, fueling concerns over the continued slowdown in the world's second-largest economy.
Analysts are also gloomy about China's economic outlook in the second half of the year while investors were spooked by the poor company earnings. As of Sunday, the combined first-half net profit of 1,861 listed firms that have released their reports rose 0.37 percent from a year ago, the China Securities Journal said yesterday.
Haitong Securities shed 5.2 percent to 8.07 yuan after its first-half net profit fell 9.4 percent. CITIC Securities, the biggest listed brokerage, shed 5.3 percent to 10.19 yuan. Soochow Securities Co shrank 6.6 percent to 6.90 yuan.
China Petroleum and Chemical Co, Asia's biggest oil refiner, shed 1.8 percent to 5.91 yuan after it said its first-half net profit plunged 41.1 percent annually to 23.7 billion yuan, the lowest since 2008. PetroChina Co, the second-biggest refiner, dipped 0.9 percent to settle at 8.77 yuan.
The Shanghai Composite Index shed 1.74 percent to 2,055.7 points, the lowest close in 41 months.
China's largest industrial enterprises suffered an annual 5.4 percent drop in profit in July to 366.8 billion yuan (US$57.7 billion), a faster pace compared with June's 1.7 percent decline, the National Bureau of Statistics said yesterday.
Their profit fell 2.7 percent to 2.68 trillion yuan during the first seven months, from a gain of 25.4 percent over the same period last year, fueling concerns over the continued slowdown in the world's second-largest economy.
Analysts are also gloomy about China's economic outlook in the second half of the year while investors were spooked by the poor company earnings. As of Sunday, the combined first-half net profit of 1,861 listed firms that have released their reports rose 0.37 percent from a year ago, the China Securities Journal said yesterday.
Haitong Securities shed 5.2 percent to 8.07 yuan after its first-half net profit fell 9.4 percent. CITIC Securities, the biggest listed brokerage, shed 5.3 percent to 10.19 yuan. Soochow Securities Co shrank 6.6 percent to 6.90 yuan.
China Petroleum and Chemical Co, Asia's biggest oil refiner, shed 1.8 percent to 5.91 yuan after it said its first-half net profit plunged 41.1 percent annually to 23.7 billion yuan, the lowest since 2008. PetroChina Co, the second-biggest refiner, dipped 0.9 percent to settle at 8.77 yuan.
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