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Shanghai index sags as uncertainty grows
By Ye Zhen |
August 31, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today amid pessimism over the nation's economy after publicly traded companies reported bleak performance in the first half of this year.
The benchmark Shanghai Composite Index fell 0.25 percent, or 5.06 points, to close at 2,047.52 points. Turnover was 35.3 billion yuan (US$5.6 billion) at the trading close. The index dropped 2.67 percent in August, extending the decline for four months running.
Delayed policy easing and weaker-than-expected economic data combined to sap investor confidence, leading to the declines in August, Northeast Securities Co said in a report today.
Investors were also spooked by poor company earnings. The combined total of first-half profits of China's 2,477 listed companies fell 0.5 percent from a year earlier to 1.02 trillion yuan, according to Zhejiang Hithink Flush Information Network Co.
Excluding earnings made by lenders, the figure shrank 15.8 percent year-on-year, further proving that China's real economy remained weak in the first half.
CITIC Securities, China's biggest listed brokerage, dropped 1.2 percent to settle at 10.22 yuan after posting a 24.4 percent loss in first-half profit. Founder Securities Co fell 1.2 percent to 4.07 yuan. Sinolink Securities Co slid 1 percent to 11.75 yuan.
Industrial & Commercial Bank of China, the country's largest lender, shed 0.8 percent to 3.82 yuan as its earning growth slowed to 12.5 percent in the first six months, down from an annual increase of 28.96 percent in the same period last year. Bank of Communications slumped 1.6 percent to 4.32 yuan.
Joincare Pharmaceutical Group Industry Co plunged 9.9 percent to close at 3.74 yuan after one of its subsidies reportedly used gutter oil to produce ingredients for antibiotics.
The benchmark Shanghai Composite Index fell 0.25 percent, or 5.06 points, to close at 2,047.52 points. Turnover was 35.3 billion yuan (US$5.6 billion) at the trading close. The index dropped 2.67 percent in August, extending the decline for four months running.
Delayed policy easing and weaker-than-expected economic data combined to sap investor confidence, leading to the declines in August, Northeast Securities Co said in a report today.
Investors were also spooked by poor company earnings. The combined total of first-half profits of China's 2,477 listed companies fell 0.5 percent from a year earlier to 1.02 trillion yuan, according to Zhejiang Hithink Flush Information Network Co.
Excluding earnings made by lenders, the figure shrank 15.8 percent year-on-year, further proving that China's real economy remained weak in the first half.
CITIC Securities, China's biggest listed brokerage, dropped 1.2 percent to settle at 10.22 yuan after posting a 24.4 percent loss in first-half profit. Founder Securities Co fell 1.2 percent to 4.07 yuan. Sinolink Securities Co slid 1 percent to 11.75 yuan.
Industrial & Commercial Bank of China, the country's largest lender, shed 0.8 percent to 3.82 yuan as its earning growth slowed to 12.5 percent in the first six months, down from an annual increase of 28.96 percent in the same period last year. Bank of Communications slumped 1.6 percent to 4.32 yuan.
Joincare Pharmaceutical Group Industry Co plunged 9.9 percent to close at 3.74 yuan after one of its subsidies reportedly used gutter oil to produce ingredients for antibiotics.
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