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Shanghai index falls most in 5 weeks on poor earnings reports
By Ye Zhen |
October 26, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell the most in five weeks as fears grew for more lackluster earnings reports to come.
The benchmark Shanghai Composite Index tumbled 1.68 percent, or 35.37 points, to close at 2,066.21 points, the lowest level since September 20. Turnover was 54.2 billion yuan (US$8.6 billion) for the day.
The index shrank 2.9 percent this week, its first decline in four weeks.
A total of 440 companies listed in Shanghai and Shenzhen markets will release their third-quarter earnings today and all the listed companies must deliver their earnings reports by the end of this month.
Shenyin & Wanguo Securities said poor corporate earnings are the major negative factors for the market now and investors tend to take a cautious stance to avoid risks.
Maanshan Iron & Steel Co lost 4.4 percent after reporting a huge loss of 3.1 billion yuan during the January-September period. Inner Mongolia BaoTou Steel Union Co fell 3.2 percent to 5.52 yuan. Anyang Iron & Steel Inc slumped 5.6 percent to 2.20 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, declined 7 percent to 28.92 yuan after the nation's rare-earth giant announced to suspend production for one month due to falling prices. Xiamen Tungsten Co slid 3.1 percent to 34.99 yuan. Rising Nonferrous Metals Share Co lost 7 percent to 39.85 yuan.
Anhui Conch Cement Co, the country's biggest cement producer, led declines among cement producers, falling 2 percent to 15.79 yuan, after reporting a 66.8 percent decrease in net profit in the third quarter from last year's same period. Qilianshan Cement Group Co shed 1.8 percent to 9.91 yuan.
The benchmark Shanghai Composite Index tumbled 1.68 percent, or 35.37 points, to close at 2,066.21 points, the lowest level since September 20. Turnover was 54.2 billion yuan (US$8.6 billion) for the day.
The index shrank 2.9 percent this week, its first decline in four weeks.
A total of 440 companies listed in Shanghai and Shenzhen markets will release their third-quarter earnings today and all the listed companies must deliver their earnings reports by the end of this month.
Shenyin & Wanguo Securities said poor corporate earnings are the major negative factors for the market now and investors tend to take a cautious stance to avoid risks.
Maanshan Iron & Steel Co lost 4.4 percent after reporting a huge loss of 3.1 billion yuan during the January-September period. Inner Mongolia BaoTou Steel Union Co fell 3.2 percent to 5.52 yuan. Anyang Iron & Steel Inc slumped 5.6 percent to 2.20 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, declined 7 percent to 28.92 yuan after the nation's rare-earth giant announced to suspend production for one month due to falling prices. Xiamen Tungsten Co slid 3.1 percent to 34.99 yuan. Rising Nonferrous Metals Share Co lost 7 percent to 39.85 yuan.
Anhui Conch Cement Co, the country's biggest cement producer, led declines among cement producers, falling 2 percent to 15.79 yuan, after reporting a 66.8 percent decrease in net profit in the third quarter from last year's same period. Qilianshan Cement Group Co shed 1.8 percent to 9.91 yuan.
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