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Shanghai index hits six-week low on poor data
By Ye Zhen |
August 27, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks posted the biggest loss in six weeks today as worries grew over China's economy after the nation's largest industrial firms reported a drop in profit for July.
The benchmark Shanghai Composite Index dropped 1.74 percent, or 36.4 points to close at 2,055.7 points. Turnover was 47.9 billion yuan (US$7.6 billion) at the trading close.
Profit of China's largest industrial companies dropped 5.4 percent year-on-year in July to 366.8 billion yuan, compared with a 1.7 percent decrease in June, the National Bureau of Statistics said today. The profit lost 2.7 percent annually to 2.68 trillion yuan during the first seven months.
Investors were also spooked by poor earnings reports from listed companies whose first-half net profit averaged only 0.37 percent in growth year-on-year, China Securities Journal reported today.
Weaker-than-expected earnings reports will continue to depress the market, Dongxing Securities said.
Brokerages led the market down. CITIC Securities, China's biggest listed brokerage, dropped 5.3 percent to finish at 10.19 yuan. Haitong Securities Co sank 5.2 percent to 8.07 yuan. Soochow Securities Co shrank 6.6 percent to 6.90 yuan.
Insurers also fell. China Life Insurance, the country's biggest insurer, declined 3.6 percent to close at 16.56 yuan. Ping An Insurance Co, China's second largest insurer, decreased 4.9 percent to 38.87 yuan. China Pacific Insurance (Group) Co fell 2.3 percent to 18.89 yuan.
China Petroleum and Chemical Co, Asia's biggest oil refiner, shed 1.8 percent to 5.91 yuan after it said its first-half net profit plunged 41.1 percent from a year earlier to 23.7 billion yuan, the lowest since 2008. PetroChina Co, the second biggest player, dipped 0.9 percent to 8.77 yuan.
The benchmark Shanghai Composite Index dropped 1.74 percent, or 36.4 points to close at 2,055.7 points. Turnover was 47.9 billion yuan (US$7.6 billion) at the trading close.
Profit of China's largest industrial companies dropped 5.4 percent year-on-year in July to 366.8 billion yuan, compared with a 1.7 percent decrease in June, the National Bureau of Statistics said today. The profit lost 2.7 percent annually to 2.68 trillion yuan during the first seven months.
Investors were also spooked by poor earnings reports from listed companies whose first-half net profit averaged only 0.37 percent in growth year-on-year, China Securities Journal reported today.
Weaker-than-expected earnings reports will continue to depress the market, Dongxing Securities said.
Brokerages led the market down. CITIC Securities, China's biggest listed brokerage, dropped 5.3 percent to finish at 10.19 yuan. Haitong Securities Co sank 5.2 percent to 8.07 yuan. Soochow Securities Co shrank 6.6 percent to 6.90 yuan.
Insurers also fell. China Life Insurance, the country's biggest insurer, declined 3.6 percent to close at 16.56 yuan. Ping An Insurance Co, China's second largest insurer, decreased 4.9 percent to 38.87 yuan. China Pacific Insurance (Group) Co fell 2.3 percent to 18.89 yuan.
China Petroleum and Chemical Co, Asia's biggest oil refiner, shed 1.8 percent to 5.91 yuan after it said its first-half net profit plunged 41.1 percent from a year earlier to 23.7 billion yuan, the lowest since 2008. PetroChina Co, the second biggest player, dipped 0.9 percent to 8.77 yuan.
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