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Profit taking drags down Shanghai Composite
By Ye Zhen |
December 27, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower for the first time in four days as investors reduced holdings to lock in profits even though China's industrial profits gained for a third month in November.
The key Shanghai Composite Index shed 0.6 percent to 2,205.9 points, with a daily turnover of 100.4 billion yuan (US$16.2 billion).
"The market is bound to retreat after days of gains because investors tend to cash in recent gains to take profits if there is no new stimulus," said independent analyst Shen Jianqing.
Some 178 million shares, valued at 1.8 billion yuan, were sold by senior executives of listed companies through the secondary market this month, according to the China Securities Journal. The figure is 1.37 times higher than that of November.
Meanwhile, shareholders are getting jittery with only four days left before the US fiscal cliff deadline of December 31.
Profits of industrial companies in China rose 22.8 percent from a year earlier to 638.5 billion yuan in November, accelerating from a 20.5 percent increase in October and 7.8 percent in September, the National Bureau of Statistics said today.
Cement producers led the market down. Anhui Conch Cement Co, China's biggest cement producer, fell 2.9 percent to 18.18 yuan. Gansu Qilianshan Cement Group Co lost 2.4 percent to 10.12 yuan. Shaanxi Qinling Cement (Group) Co dropped 6 percent to 7.11 yuan.
Most lenders fell after a survey by the China Banking Association showed that 70 percent of the bankers expect both the revenue and net profit of the banking industry to grow at a rate below 20 percent in the next three years.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.7 percent to 4.05 yuan. China Minsheng Banking Corp decreased 1.4 percent to 7.64 yuan. China Construction Bank Corporation lost 1.5 percent to 4.51 yuan.
The key Shanghai Composite Index shed 0.6 percent to 2,205.9 points, with a daily turnover of 100.4 billion yuan (US$16.2 billion).
"The market is bound to retreat after days of gains because investors tend to cash in recent gains to take profits if there is no new stimulus," said independent analyst Shen Jianqing.
Some 178 million shares, valued at 1.8 billion yuan, were sold by senior executives of listed companies through the secondary market this month, according to the China Securities Journal. The figure is 1.37 times higher than that of November.
Meanwhile, shareholders are getting jittery with only four days left before the US fiscal cliff deadline of December 31.
Profits of industrial companies in China rose 22.8 percent from a year earlier to 638.5 billion yuan in November, accelerating from a 20.5 percent increase in October and 7.8 percent in September, the National Bureau of Statistics said today.
Cement producers led the market down. Anhui Conch Cement Co, China's biggest cement producer, fell 2.9 percent to 18.18 yuan. Gansu Qilianshan Cement Group Co lost 2.4 percent to 10.12 yuan. Shaanxi Qinling Cement (Group) Co dropped 6 percent to 7.11 yuan.
Most lenders fell after a survey by the China Banking Association showed that 70 percent of the bankers expect both the revenue and net profit of the banking industry to grow at a rate below 20 percent in the next three years.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.7 percent to 4.05 yuan. China Minsheng Banking Corp decreased 1.4 percent to 7.64 yuan. China Construction Bank Corporation lost 1.5 percent to 4.51 yuan.
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