Related News
Key stock index dips before holiday
By Ding Yining |
January 24, 2009, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed lower yesterday on the last trading day of the month amid concerns that a weakening economy will erode corporate profits.
The Shanghai Composite Index dipped 0.71 percent, or 14.29 points, to close at 1,990.66 points. Losers outnumbered gainers 582 to 289 with 17 stocks unchanged. Turnover fell to 62.93 billion yuan (US$9.25 billion) from 66.5 billion yuan on Thursday.
The index has gained a total of 7.58 percent in the first month of this year, the biggest monthly gain in 17 months. The market will be closed for the Lunar New Year holiday and will reopen on February 2.
The earnings of domestically-listed companies will probably shrink 14 percent this year, compared with an earlier estimate of a 0.5-percent gain, UBS AG said.
Among decliners, Guangzhou Iron & Steel Co said that it incurred a loss in 2008 because prices fell and the value of raw-material inventories dropped. Rival Gansu Jiu Steel Group also said that profit plunged more than 50 percent last year. Baosteel, China's biggest mill, has said that it is facing its "most difficult" period since its founding 30 years ago.
Guangzhou Steel fell 1.78 percent to 3.86 yuan while Gansu Jiu Steel dropped 1.58 percent to finish at 5.59 yuan. Aluminum Corp of China lost 2.11 percent to 6.96 yuan after saying net income probably fell more than 50 percent last year on lower product prices and shrinking demand.
The Shanghai Composite Index dipped 0.71 percent, or 14.29 points, to close at 1,990.66 points. Losers outnumbered gainers 582 to 289 with 17 stocks unchanged. Turnover fell to 62.93 billion yuan (US$9.25 billion) from 66.5 billion yuan on Thursday.
The index has gained a total of 7.58 percent in the first month of this year, the biggest monthly gain in 17 months. The market will be closed for the Lunar New Year holiday and will reopen on February 2.
The earnings of domestically-listed companies will probably shrink 14 percent this year, compared with an earlier estimate of a 0.5-percent gain, UBS AG said.
Among decliners, Guangzhou Iron & Steel Co said that it incurred a loss in 2008 because prices fell and the value of raw-material inventories dropped. Rival Gansu Jiu Steel Group also said that profit plunged more than 50 percent last year. Baosteel, China's biggest mill, has said that it is facing its "most difficult" period since its founding 30 years ago.
Guangzhou Steel fell 1.78 percent to 3.86 yuan while Gansu Jiu Steel dropped 1.58 percent to finish at 5.59 yuan. Aluminum Corp of China lost 2.11 percent to 6.96 yuan after saying net income probably fell more than 50 percent last year on lower product prices and shrinking demand.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
