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Investors balk at cloudy outlook of 2nd half
By Ding Yining |
August 31, 2010, Tuesday
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Print Edition
Print Edition
THE Shanghai market ended slightly lower on the last trading day of August, as banks and brokerages stayed flat, on concerns their earnings growth may not be sustained in the second half as economic growth moderates.
The Shanghai Composite Index, which tracks the bigger mainland bourse, was down 0.52 percent to 2,638.80. Turnover was 124.8 billion yuan (US$18.4 billion). Losers outnumbered gainers by 433 against 422 while 59 remained unchanged.
The gauge edged up 0.05 percent in August.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.72 percent to close at 1,166.50 points.
"Financial plays dropped on jitters that they may not repeat strong growth in the second half," said Liu Yu, an Orient Securities Co trader.
GF Securities Co lost 1.82 percent to 30.20 yuan. Changjiang Securities eased 1.99 percent to 11.32 yuan. Haitong Securities lowered 1.54 percent to 9.62 yuan.
"The market is worried that the Purchasing Managers Index for August will remain low and flat performance of financial sector and heavy weights prevent the index from rebounding strongly," Changjiang Securities wrote in a research note.
Banks and insurers also dragged down the index. Bank of Communications lost 1.15 percent to 6.02 yuan. Shanghai Pudong Development Bank was down 0.78 percent to 13.99 yuan. China Merchants Bank dropped 1.53 percent to 13.54 yuan.
China Life Insurance Co withdrew 1.28 percent to 22.30 yuan. China Pacific Insurance Group Co retreated 2.85 percent to 23.48 yuan.
Commodity producers bucked the downward trend. Yunnan Copper Co climbed 3.92 percent to 20.96 yuan. Shandong Gold Mining Co rose 1.24 percent to 42.60 yuan. Ningbo Fubang Jingye Group Co added 1.80 percent to 9.06 yuan.
Real estate developers were also low. China Vanke Co went down 0.71 percent to 8.42 yuan. Shanghai Shimao Co retreated 2.39 percent to 13.05 yuan. Poly Real Estate Group lost 0.91 percent to 12 yuan.
The Shanghai Composite Index, which tracks the bigger mainland bourse, was down 0.52 percent to 2,638.80. Turnover was 124.8 billion yuan (US$18.4 billion). Losers outnumbered gainers by 433 against 422 while 59 remained unchanged.
The gauge edged up 0.05 percent in August.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.72 percent to close at 1,166.50 points.
"Financial plays dropped on jitters that they may not repeat strong growth in the second half," said Liu Yu, an Orient Securities Co trader.
GF Securities Co lost 1.82 percent to 30.20 yuan. Changjiang Securities eased 1.99 percent to 11.32 yuan. Haitong Securities lowered 1.54 percent to 9.62 yuan.
"The market is worried that the Purchasing Managers Index for August will remain low and flat performance of financial sector and heavy weights prevent the index from rebounding strongly," Changjiang Securities wrote in a research note.
Banks and insurers also dragged down the index. Bank of Communications lost 1.15 percent to 6.02 yuan. Shanghai Pudong Development Bank was down 0.78 percent to 13.99 yuan. China Merchants Bank dropped 1.53 percent to 13.54 yuan.
China Life Insurance Co withdrew 1.28 percent to 22.30 yuan. China Pacific Insurance Group Co retreated 2.85 percent to 23.48 yuan.
Commodity producers bucked the downward trend. Yunnan Copper Co climbed 3.92 percent to 20.96 yuan. Shandong Gold Mining Co rose 1.24 percent to 42.60 yuan. Ningbo Fubang Jingye Group Co added 1.80 percent to 9.06 yuan.
Real estate developers were also low. China Vanke Co went down 0.71 percent to 8.42 yuan. Shanghai Shimao Co retreated 2.39 percent to 13.05 yuan. Poly Real Estate Group lost 0.91 percent to 12 yuan.
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