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Key index ends lower on profit-taking
By Ye Zhen |
December 28, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks ended lower yesterday for the first time in four days as investors cut holdings for profits despite China's industrial profits gaining for a third month in November.
The Shanghai Composite Index shed 0.6 percent to 2,205.9 points.
"The market is bound to retreat after rising for days because investors tend to cash in recent gains to take profits if there is no new stimulus," said independent analyst Shen Jianqing.
Senior executives of listed firms sold shares valued at 1.8 billion yuan (US$290.3 million) through the secondary market this month, according to the China Securities Journal. The figure is 1.37 times higher than that of November.
Meanwhile profits of industrial companies in China surged 22.8 percent from a year earlier to 638.5 billion yuan in November, accelerating from a gain 20.5 percent in October and 7.8 percent in September, the National Bureau of Statistics said yesterday.
Lenders fell after a survey by the China Banking Association showed that 70 percent expect revenues and net profits to grow below 20 percent in the next three years.
The Industrial and Commercial Bank of China, the nation's largest lender, shed 0.7 percent to 4.05 yuan. China Minsheng Banking Corp fell 1.4 percent to 7.64 yuan.
The Shanghai Composite Index shed 0.6 percent to 2,205.9 points.
"The market is bound to retreat after rising for days because investors tend to cash in recent gains to take profits if there is no new stimulus," said independent analyst Shen Jianqing.
Senior executives of listed firms sold shares valued at 1.8 billion yuan (US$290.3 million) through the secondary market this month, according to the China Securities Journal. The figure is 1.37 times higher than that of November.
Meanwhile profits of industrial companies in China surged 22.8 percent from a year earlier to 638.5 billion yuan in November, accelerating from a gain 20.5 percent in October and 7.8 percent in September, the National Bureau of Statistics said yesterday.
Lenders fell after a survey by the China Banking Association showed that 70 percent expect revenues and net profits to grow below 20 percent in the next three years.
The Industrial and Commercial Bank of China, the nation's largest lender, shed 0.7 percent to 4.05 yuan. China Minsheng Banking Corp fell 1.4 percent to 7.64 yuan.
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