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Shanghai index falls 0.5% on weak sentiment
By Ye Zhen |
August 22, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today as investor confidence remained weak due to a delay of stimulus measures and poor earnings reports.
The benchmark Shanghai Composite Index fell 0.5 percent, or 10.56 points to close at 2,107.71 points. Turnover was 49 billion yuan (US$7.8 billion) at the trading close.
Analysts said the government may hold off monetary policy easing after the central bank injected a record 120 billion yuan yesterday into the market via reverser repurchase operations.
Citic Securities analyst Fu Xiong said more Chinese cities recorded a rise in home prices in July and the expectation that inflation may pick up in August combined to delay further policy easing.
Poor corporate earnings also weighted on the market. Profit and revenue growth rates in 1,124 listed companies that already published their first-half financial reports were lower than expected in early August, UBS securities said in a report today.
Distilleries led the market down. Kweichow Moutai Co, a leading producer of high-end liquor in China, slumped 1.5 percent to 232.18 yuan. Sichuan Tuopai Shede Wine Co fell 2.4 percent to 33.02 yuan. Shanxi Xinghuacun Fen Wine Factory Co lost 1.8 percent to 39.06 yuan.
Most brokerages also declined as data from Wind Information Co showed the combined net profit of 10 listed brokerages that have reported their first-half earnings plunged 22.4 percent from a year earlier. Soochow Securities Co shed 2 percent to 7.46 yuan. Founder Securities Co lost 1 percent to 4.21 yuan. Sinolink Securities Co retreated 1.8 percent to 10.82 yuan.
Property developers underperformed on media report that the government of Hubei province is mulling detailed rules to implement property tax. China Vanke, the nation's biggest developer, fell 2.2 percent to 8.14 yuan. Poly Real Estate, the second largest developer, lost 3.5 percent to 9.49 yuan. Gemdale Corporation shrank 2.7 percent to 5.03 yuan.
The benchmark Shanghai Composite Index fell 0.5 percent, or 10.56 points to close at 2,107.71 points. Turnover was 49 billion yuan (US$7.8 billion) at the trading close.
Analysts said the government may hold off monetary policy easing after the central bank injected a record 120 billion yuan yesterday into the market via reverser repurchase operations.
Citic Securities analyst Fu Xiong said more Chinese cities recorded a rise in home prices in July and the expectation that inflation may pick up in August combined to delay further policy easing.
Poor corporate earnings also weighted on the market. Profit and revenue growth rates in 1,124 listed companies that already published their first-half financial reports were lower than expected in early August, UBS securities said in a report today.
Distilleries led the market down. Kweichow Moutai Co, a leading producer of high-end liquor in China, slumped 1.5 percent to 232.18 yuan. Sichuan Tuopai Shede Wine Co fell 2.4 percent to 33.02 yuan. Shanxi Xinghuacun Fen Wine Factory Co lost 1.8 percent to 39.06 yuan.
Most brokerages also declined as data from Wind Information Co showed the combined net profit of 10 listed brokerages that have reported their first-half earnings plunged 22.4 percent from a year earlier. Soochow Securities Co shed 2 percent to 7.46 yuan. Founder Securities Co lost 1 percent to 4.21 yuan. Sinolink Securities Co retreated 1.8 percent to 10.82 yuan.
Property developers underperformed on media report that the government of Hubei province is mulling detailed rules to implement property tax. China Vanke, the nation's biggest developer, fell 2.2 percent to 8.14 yuan. Poly Real Estate, the second largest developer, lost 3.5 percent to 9.49 yuan. Gemdale Corporation shrank 2.7 percent to 5.03 yuan.
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