Key stock index falls by most in 6 days
By Verain Ye |
December 22, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks fell by the most in six days yesterday on non-tradable shareholders cutting their stakes and sentiment over poor corporate earnings.
The Shanghai Composite Index shed 0.69 percent, the biggest loss since December 13, to 2,153.31 points. For the week, the index added 0.12 percent, up for a third straight week.
Non-tradable shares worth 3.8 billion yuan (US$600 million) have been sold so far this month in the Shanghai and Shenzhen markets, up 21.4 percent from November, the 21st Century Business Herald said.
Bohai Securities said in a report: "The rush to cut holdings of non-tradable shares will directly weigh on share prices and cause panic among investors."
UBS Securities yesterday cut its forecast for the annual earnings growth rate of listed companies by 0.2 percentage point to 5.7 percent in 2012. It expects the combined net profit of 300 listed non-financial stocks on the two bourses to drop 5.3 percent this year.
The Shanghai Composite Index shed 0.69 percent, the biggest loss since December 13, to 2,153.31 points. For the week, the index added 0.12 percent, up for a third straight week.
Non-tradable shares worth 3.8 billion yuan (US$600 million) have been sold so far this month in the Shanghai and Shenzhen markets, up 21.4 percent from November, the 21st Century Business Herald said.
Bohai Securities said in a report: "The rush to cut holdings of non-tradable shares will directly weigh on share prices and cause panic among investors."
UBS Securities yesterday cut its forecast for the annual earnings growth rate of listed companies by 0.2 percentage point to 5.7 percent in 2012. It expects the combined net profit of 300 listed non-financial stocks on the two bourses to drop 5.3 percent this year.
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