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Losing week for stock market
By Lu Nengneng |
April 27, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market dropped today, capping the first losing week in a month, as the slump in first-quarter earnings set a grim reminder of China's economic downturn.
The key benchmark Shanghai Composite Index dropped 0.35 percent to 2,396.32 points, bringing the weekly losses to 0.44 percent. Turnover stood at 84 billion yuan (US$13.4 billion).
China's statistics bureau reported today that the profits of Chinese industrial companies dropped 1.3 percent in the first quarter from a year earlier to 1.04 trillion yuan, despite a 4.5 percent year-on-year increase seen in March.
Resource producers dropped ahead of the release of China's Purchasing Managers' Index for April next week. The flash reading was still below 50, indicating a contraction of industrial activities. Zijin Mining industry fell 1.8 percent to 4.3 yuan. Aluminum Corp of China 1.4 percent to 7.08 yuan.
Trading will be suspended until next Wednesday due to the May Day holiday.
The key benchmark Shanghai Composite Index dropped 0.35 percent to 2,396.32 points, bringing the weekly losses to 0.44 percent. Turnover stood at 84 billion yuan (US$13.4 billion).
China's statistics bureau reported today that the profits of Chinese industrial companies dropped 1.3 percent in the first quarter from a year earlier to 1.04 trillion yuan, despite a 4.5 percent year-on-year increase seen in March.
Resource producers dropped ahead of the release of China's Purchasing Managers' Index for April next week. The flash reading was still below 50, indicating a contraction of industrial activities. Zijin Mining industry fell 1.8 percent to 4.3 yuan. Aluminum Corp of China 1.4 percent to 7.08 yuan.
Trading will be suspended until next Wednesday due to the May Day holiday.
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