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Shanghai index dips as poor earnings dent confidence
By Ye Zhen |
October 31, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks traded lower in the morning session amid weak sentiment caused by shrinking profits of listed companies in the third quarter.
The benchmark Shanghai Composite Index shed 0.24 percent, or 4.92 points, to 2,057.43 points. Turnover reached 23 billion yuan (US$3.6 billion) by noon break.
The combined profit of 2,348 listed companies that already filed earnings reports decreased 4.25 percent annually in the January-September period, compared with a 2 percent drop in the first six months, Shanghai Securities News reported.
About 61 percent of the listed companies posted a decline in net earnings in the third quarter, up from 35 percent in the previous quarter.
Shenyin & Wanguo Securities said today the index is likely to fluctuate within a narrow range above 2,000 points in the short term as the downside risk of weak corporate earnings is over but the market still lacks support to recover.
PetroChina Co, the nation's second biggest oil refiner, shed 0.7 percent to 8.68 yuan as its third-quarter earnings dropped 33.4 percent year on year to 24.9 billion yuan. Zhejiang Haiyue Co dropped 2.7 percent to 9.38 yuan. Shanghai Lonyer Fuels Co slumped 4.5 percent to 9.34 yuan.
Gold stocks were among the biggest losers. Zijin Mining Group Co, the nation's largest gold producer, shed 0.3 percent to 3.80 yuan. Shandong Gold Mining Co fell 3.4 percent to 36.83 yuan. Zhongjin Gold Corp skid 1.5 percent to 15.66 yuan.
The benchmark Shanghai Composite Index shed 0.24 percent, or 4.92 points, to 2,057.43 points. Turnover reached 23 billion yuan (US$3.6 billion) by noon break.
The combined profit of 2,348 listed companies that already filed earnings reports decreased 4.25 percent annually in the January-September period, compared with a 2 percent drop in the first six months, Shanghai Securities News reported.
About 61 percent of the listed companies posted a decline in net earnings in the third quarter, up from 35 percent in the previous quarter.
Shenyin & Wanguo Securities said today the index is likely to fluctuate within a narrow range above 2,000 points in the short term as the downside risk of weak corporate earnings is over but the market still lacks support to recover.
PetroChina Co, the nation's second biggest oil refiner, shed 0.7 percent to 8.68 yuan as its third-quarter earnings dropped 33.4 percent year on year to 24.9 billion yuan. Zhejiang Haiyue Co dropped 2.7 percent to 9.38 yuan. Shanghai Lonyer Fuels Co slumped 4.5 percent to 9.34 yuan.
Gold stocks were among the biggest losers. Zijin Mining Group Co, the nation's largest gold producer, shed 0.3 percent to 3.80 yuan. Shandong Gold Mining Co fell 3.4 percent to 36.83 yuan. Zhongjin Gold Corp skid 1.5 percent to 15.66 yuan.
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