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Poor corporate earnings dampen investor enthusiasm
By Ye Zhen |
September 18, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell today as investors were pessimistic after data showed no obvious improvement in corporate performance.
The benchmark Shanghai Composite Index lost 0.91 percent, or 18.96 points, to close at 2,059.54 points. Turnover was 43.6 billion yuan (US$6.9 billion) at the trading close.
Profits of Chinese state-owned enterprises, excluding those in the financial sector, fell 12.8 percent from a year earlier to 1.38 trillion yuan in the first eight months, the Ministry of Finance said yesterday.
A separate report from Wind Information Co showed only 492 out of the 945 listed companies delivered a positive profit report for the January-August period, with only 11 percent of them expecting more earnings than planned, the least percentage in eight years.
The statistics indicated that the profit of listed companies is declining further due to weak support from fiscal and monetary policies, said China International Capital Corp.
Yintai Securities said the stock market lacked confidence due to a series of disappointing indicators and delayed economic stabilization and stimulus measures.
Non-ferrous metals producers were among the biggest losers. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 3.7 percent to 33.23 yuan. Xiamen Tungsten Co dropped 2.9 percent to 40.03 yuan. Jiangxi Copper, China's biggest producer of the metal, slid 2.5 percent to 21.88 yuan.
Coal producers also fell with shrinking demand and rising inventory. China Shenhua Energy Co, the nation's biggest coal producer, lost 1.9 percent to 21.97 yuan. Qinghai Sunshiny Mining Co slumped 4.8 percent to 4.56 yuan. Shanxi Lu'an Environmental Energy Development Co shed 3.6 percent to 16.84 yuan.
The benchmark Shanghai Composite Index lost 0.91 percent, or 18.96 points, to close at 2,059.54 points. Turnover was 43.6 billion yuan (US$6.9 billion) at the trading close.
Profits of Chinese state-owned enterprises, excluding those in the financial sector, fell 12.8 percent from a year earlier to 1.38 trillion yuan in the first eight months, the Ministry of Finance said yesterday.
A separate report from Wind Information Co showed only 492 out of the 945 listed companies delivered a positive profit report for the January-August period, with only 11 percent of them expecting more earnings than planned, the least percentage in eight years.
The statistics indicated that the profit of listed companies is declining further due to weak support from fiscal and monetary policies, said China International Capital Corp.
Yintai Securities said the stock market lacked confidence due to a series of disappointing indicators and delayed economic stabilization and stimulus measures.
Non-ferrous metals producers were among the biggest losers. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 3.7 percent to 33.23 yuan. Xiamen Tungsten Co dropped 2.9 percent to 40.03 yuan. Jiangxi Copper, China's biggest producer of the metal, slid 2.5 percent to 21.88 yuan.
Coal producers also fell with shrinking demand and rising inventory. China Shenhua Energy Co, the nation's biggest coal producer, lost 1.9 percent to 21.97 yuan. Qinghai Sunshiny Mining Co slumped 4.8 percent to 4.56 yuan. Shanxi Lu'an Environmental Energy Development Co shed 3.6 percent to 16.84 yuan.
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