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Shanghai index falls 0.36% as investors less confident
By Ye Zhen |
August 14, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks edged down this morning amid concerns over the nation's economic slowdown and weak growth in company earnings.
The key Shanghai Composite Index shed 0.36 percent, or 7.64 points to 2,128.44 points. Turnover stood at 33.9 billion yuan (US$5.3 billion) at midday.
The market remained under pressure amid lowered expectation for stimulus measures, said Tian Weidong, director of research at Kaiyuan Securities.
Key economic indicators for July showed the nation's economy was still in a downturn. The government failed to take easing measures over the weekend due to rising home prices.
China Merchants Securities Co lost 1.7 percent to 10.09 yuan after it reported a 35 percent decline in first-half net profit. Citic Securities, the biggest listed brokerage, fell 2.1 percent to 10.76 yuan even though it denied the rumor that it lost 2.9 billion yuan in overseas investment.
Steel mills posted a weak run as data showed the output of crude steel rose 2.5 percent from a year earlier to a record high, adding to the decline of steel prices amid weak demand. Baoshan Iron and Steel Co, China's largest listed steel maker, slipped 0.7 percent to 4.18 yuan. Inner Mongolia Baotou Steel Union Co retreated 2.5 percent to 5.89 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, dropped 4.2 percent to 37.92 yuan, after media reported the company planned to invest 2.2 billion yuan in pollution control, which would cut its earnings. Xiamen Tungsten Co slumped 7.2 percent to 44.38 yuan. Rising Nonferrous Metals Share Co shed 3.8 percent to 58.18 yuan.
The key Shanghai Composite Index shed 0.36 percent, or 7.64 points to 2,128.44 points. Turnover stood at 33.9 billion yuan (US$5.3 billion) at midday.
The market remained under pressure amid lowered expectation for stimulus measures, said Tian Weidong, director of research at Kaiyuan Securities.
Key economic indicators for July showed the nation's economy was still in a downturn. The government failed to take easing measures over the weekend due to rising home prices.
China Merchants Securities Co lost 1.7 percent to 10.09 yuan after it reported a 35 percent decline in first-half net profit. Citic Securities, the biggest listed brokerage, fell 2.1 percent to 10.76 yuan even though it denied the rumor that it lost 2.9 billion yuan in overseas investment.
Steel mills posted a weak run as data showed the output of crude steel rose 2.5 percent from a year earlier to a record high, adding to the decline of steel prices amid weak demand. Baoshan Iron and Steel Co, China's largest listed steel maker, slipped 0.7 percent to 4.18 yuan. Inner Mongolia Baotou Steel Union Co retreated 2.5 percent to 5.89 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, dropped 4.2 percent to 37.92 yuan, after media reported the company planned to invest 2.2 billion yuan in pollution control, which would cut its earnings. Xiamen Tungsten Co slumped 7.2 percent to 44.38 yuan. Rising Nonferrous Metals Share Co shed 3.8 percent to 58.18 yuan.
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