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Shanghai index drops on earning concerns
By Feng Jianmin |
April 28, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI key stock index dropped for the fifth day on concerns that tightening policies may hurt corporate earnings.
The Shanghai Composite Index fell 1.31 percent to 2,887.04. Turnover was 115.8 billion yuan (US$ 17.8 billion).
A quarter of companies listed on the small and medium-sized enterprise board reported lower profits than last year, according to industry data.
Banks were mixed after releasing earnings reports. Agricultural Bank of China climbed 2.1 percent to 2.96 yuan after it said first-quarter profit rose 36 percent from last year. China Minsheng Banking Corp dipped 0.3 percent to 6.02 yuan after reporting a 45 percent growth of profit in the first quarter.
Steel makers led the decliners on concerns that previous gains were excessive. Jinan Iron & Steel Co and Laiwu Iron & Steel Co both tumbled by the daily limit of 10 percent after resuming trading. The shares had jumped by the daily limit of 10 percent for seven days after a merger plan with Laiwu Iron & Steel Co was released.
The property sector extended previous losses. China Vanke lost 1.1 percent to 8.31 yuan. Poly Real Estate Co fell 2.7 percent to 12.92 yuan.
The Shanghai Composite Index fell 1.31 percent to 2,887.04. Turnover was 115.8 billion yuan (US$ 17.8 billion).
A quarter of companies listed on the small and medium-sized enterprise board reported lower profits than last year, according to industry data.
Banks were mixed after releasing earnings reports. Agricultural Bank of China climbed 2.1 percent to 2.96 yuan after it said first-quarter profit rose 36 percent from last year. China Minsheng Banking Corp dipped 0.3 percent to 6.02 yuan after reporting a 45 percent growth of profit in the first quarter.
Steel makers led the decliners on concerns that previous gains were excessive. Jinan Iron & Steel Co and Laiwu Iron & Steel Co both tumbled by the daily limit of 10 percent after resuming trading. The shares had jumped by the daily limit of 10 percent for seven days after a merger plan with Laiwu Iron & Steel Co was released.
The property sector extended previous losses. China Vanke lost 1.1 percent to 8.31 yuan. Poly Real Estate Co fell 2.7 percent to 12.92 yuan.
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