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Shanghai index drops on poor earnings prospect
By Ye Zhen |
September 4, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks retreated this morning amid worries that China's decelerating economic growth will hurt company earnings.
The key Shanghai Composite Index lost 0.38 percent, or 7.84 points, to 2,051.31 points. Turnover was 26 billion yuan (US$4.1 billion) at midday.
Nearly 50 percent of the 945 companies listed in Shanghai and Shenzhen markets predicted their profits will decrease in the third quarter, the 21st Century Business Herald reported today.
Chen Li, chief analyst at UBS Securities, said company earnings are likely to decline further in the third quarter under pressure from destocking.
Bank stocks fell as worries mount that an increase of bad loans may threaten the prospect of the banking sector. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, declined 0.5 percent to 3.75 yuan. Bank of Communications fell 1.2 percent to 4.23 yuan. China Merchants Bank lost 1.2 percent to 9.89 yuan.
Most brokerages fell. Haitong Securities Co shed 1 percent to 8.55 yuan. Sinolink Securities Co lost 1 percent to 11.74 yuan.
CITIC Securities, the biggest listed brokerage, gained 0.6 percent to 10.58 yuan after China's top securities regulator dismissed the rumor that the brokerage suffered huge losses in overseas investment.
Kweichow Moutai Co, a high-end liquor producer in China, jumped 6.5 percent to 234 yuan after the company announced to raise the factory gate prices of some products by 20 to 30 percent.
The key Shanghai Composite Index lost 0.38 percent, or 7.84 points, to 2,051.31 points. Turnover was 26 billion yuan (US$4.1 billion) at midday.
Nearly 50 percent of the 945 companies listed in Shanghai and Shenzhen markets predicted their profits will decrease in the third quarter, the 21st Century Business Herald reported today.
Chen Li, chief analyst at UBS Securities, said company earnings are likely to decline further in the third quarter under pressure from destocking.
Bank stocks fell as worries mount that an increase of bad loans may threaten the prospect of the banking sector. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, declined 0.5 percent to 3.75 yuan. Bank of Communications fell 1.2 percent to 4.23 yuan. China Merchants Bank lost 1.2 percent to 9.89 yuan.
Most brokerages fell. Haitong Securities Co shed 1 percent to 8.55 yuan. Sinolink Securities Co lost 1 percent to 11.74 yuan.
CITIC Securities, the biggest listed brokerage, gained 0.6 percent to 10.58 yuan after China's top securities regulator dismissed the rumor that the brokerage suffered huge losses in overseas investment.
Kweichow Moutai Co, a high-end liquor producer in China, jumped 6.5 percent to 234 yuan after the company announced to raise the factory gate prices of some products by 20 to 30 percent.
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