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Market uncertainty led index down slightly
By Ye Zhen |
October 29, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks wavered this morning as investors were confused by signs of China's economic recovery and poor corporate earnings reports.
The key Shanghai Composite Index shed 0.05 percent, or 1.05 points, to 2,065.16 points. Turnover stood at 20 billion yuan (US$3.2 billion) by midday.
Profits at China's major industrial companies expanded 7.8 percent from a year earlier to 464.3 billion yuan in September, the National Bureau of Statistics said on Saturday. The figure was a rebound from a 6.2 percent drop in August and snapped a five-month losing streak.
Industrial profits fell 1.8 percent in the January-September period year on year, 1.3 percentage points lower than the decline in the first eight months, the bureau said.
However, the downward pressure on the market will remain in the short term as more dismal corporate earnings reports are expected this week, Orient Securities said in a report.
China Pacific Insurance (Group) Co lost 1.5 percent to 18.58 yuan after reporting a 58.7 percent loss in third-quarter profit. Ping An Insurance Co, China's second largest insurer, dropped 1.8 percent to 39.04 yuan.
Wuhan Iron and Steel Co fell 0.4 percent to 2.44 yuan as the company's net earnings in the first three quarters shrank 80 percent annually to 3.3 billion yuan. Chongqing Iron and Steel Co dropped 3.4 percent to 2.86 yuan. Baoshan Iron and Steel Co, China's largest listed steel mill, skid 0.4 percent to 4.57 yuan.
The key Shanghai Composite Index shed 0.05 percent, or 1.05 points, to 2,065.16 points. Turnover stood at 20 billion yuan (US$3.2 billion) by midday.
Profits at China's major industrial companies expanded 7.8 percent from a year earlier to 464.3 billion yuan in September, the National Bureau of Statistics said on Saturday. The figure was a rebound from a 6.2 percent drop in August and snapped a five-month losing streak.
Industrial profits fell 1.8 percent in the January-September period year on year, 1.3 percentage points lower than the decline in the first eight months, the bureau said.
However, the downward pressure on the market will remain in the short term as more dismal corporate earnings reports are expected this week, Orient Securities said in a report.
China Pacific Insurance (Group) Co lost 1.5 percent to 18.58 yuan after reporting a 58.7 percent loss in third-quarter profit. Ping An Insurance Co, China's second largest insurer, dropped 1.8 percent to 39.04 yuan.
Wuhan Iron and Steel Co fell 0.4 percent to 2.44 yuan as the company's net earnings in the first three quarters shrank 80 percent annually to 3.3 billion yuan. Chongqing Iron and Steel Co dropped 3.4 percent to 2.86 yuan. Baoshan Iron and Steel Co, China's largest listed steel mill, skid 0.4 percent to 4.57 yuan.
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