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Poor earnings forecast weights on Shanghai shares
By Ye Zhen |
October 11, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks closed lower today amid concerns that the majority of China's list companies will deliver poor earnings reports for the first three quarters as the economy remains in the doldrums.
The benchmark Shanghai Composite Index sank 0.8 percent to 2,102.87 points. Turnover was 56.7 billion yuan (US$9 billion) at the trading close.
Only 387 companies listed in Shanghai and Shenzhen markets expect a profit increase for the first three quarters, accounting for 41.1 percent of the 1,000 companies that have released earning forecasts as of October 9, data from Wind Information Co showed.
A mere 12 percent of them are expected to post better-than-expected earnings as compared with 20 percent for the same period of 2009 when companies posted the worst performance.
SAIC Motor Corp Ltd lost 3.3 percent to 13.25 yuan after the China Association of Automobile Manufacturers reported that September sales of cars and commercial vehicles fell 1.8 percent year on year nationwide, down from a growth of 8.3 percent in August.
Beiqi Foton Motor Co fell 3.1 percent to 6.19 yuan. Anhui Jianghuai Automobile Co shed 1.5 percent to 5.27 yuan.
Shipbuilders also slumped. CSSC Jiangnan Heavy Industry Co decreased 4.3 percent to 14.45 yuan. China CSSC Holdings Limited dropped 4.1 percent to 20.06 yuan. China Shipbuilding Industry Co lost 2.1 percent to 4.73 yuan.
The benchmark Shanghai Composite Index sank 0.8 percent to 2,102.87 points. Turnover was 56.7 billion yuan (US$9 billion) at the trading close.
Only 387 companies listed in Shanghai and Shenzhen markets expect a profit increase for the first three quarters, accounting for 41.1 percent of the 1,000 companies that have released earning forecasts as of October 9, data from Wind Information Co showed.
A mere 12 percent of them are expected to post better-than-expected earnings as compared with 20 percent for the same period of 2009 when companies posted the worst performance.
SAIC Motor Corp Ltd lost 3.3 percent to 13.25 yuan after the China Association of Automobile Manufacturers reported that September sales of cars and commercial vehicles fell 1.8 percent year on year nationwide, down from a growth of 8.3 percent in August.
Beiqi Foton Motor Co fell 3.1 percent to 6.19 yuan. Anhui Jianghuai Automobile Co shed 1.5 percent to 5.27 yuan.
Shipbuilders also slumped. CSSC Jiangnan Heavy Industry Co decreased 4.3 percent to 14.45 yuan. China CSSC Holdings Limited dropped 4.1 percent to 20.06 yuan. China Shipbuilding Industry Co lost 2.1 percent to 4.73 yuan.
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