Poor earnings pull index to 4-week low
By Ye Zhen |
October 30, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks fell for a third straight day yesterday, sending the key index to a four-week low, as concern over poor corporate earnings overshadowed gains in profits of China's industrial companies.
The Shanghai Composite Index lost 0.35 percent to 2,058.94 points, the lowest close since September 27.
Investors were dampened after several companies, including China Pacific Insurance and Wuhan Iron and Steel Co, posted losses in their net earnings. The market will remain under pressure as more dismal corporate earnings are due this week, Orient Securities said in a report.
Profits at China's major industrial firms grew 7.8 percent annually to 464.3 billion yuan (US$74.4 billion) in September, the National Bureau of Statistics said on Saturday. The figure snapped a five-month losing streak.
In the January-September period, industrial profits fell 1.8 percent annually, 1.3 percentage points lower than the drop in the first eight months, the bureau said.
China Pacific Insurance (Group) Co lost 3.2 percent to 18.25 yuan after its third-quarter net profit fell 58.7 percent. Ping An Insurance Co, China's second largest insurer, fell 4.2 percent to 38.06 yuan.
Wuhan Iron and Steel Co shed 0.8 percent to finish at 2.43 yuan yesterday.
The Shanghai Composite Index lost 0.35 percent to 2,058.94 points, the lowest close since September 27.
Investors were dampened after several companies, including China Pacific Insurance and Wuhan Iron and Steel Co, posted losses in their net earnings. The market will remain under pressure as more dismal corporate earnings are due this week, Orient Securities said in a report.
Profits at China's major industrial firms grew 7.8 percent annually to 464.3 billion yuan (US$74.4 billion) in September, the National Bureau of Statistics said on Saturday. The figure snapped a five-month losing streak.
In the January-September period, industrial profits fell 1.8 percent annually, 1.3 percentage points lower than the drop in the first eight months, the bureau said.
China Pacific Insurance (Group) Co lost 3.2 percent to 18.25 yuan after its third-quarter net profit fell 58.7 percent. Ping An Insurance Co, China's second largest insurer, fell 4.2 percent to 38.06 yuan.
Wuhan Iron and Steel Co shed 0.8 percent to finish at 2.43 yuan yesterday.
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