Shanghai sees losses outweigh gainers
Print Edition
Shanghai stocks dipped yesterday as energy and metal chips fell on poor earnings, offsetting gains by financial counters after the government said it would expand a pilot program to securitize credit assets.
The Shanghai Composite Index shed 0.19 percent to 2,097.23 points.
Shanxi Lu’an Environmental Energy Development Co fell 3.9 percent to 13.16 yuan (US$2.16), after reporting a 48 percent slump in its first-half net profit. Shanxi Lanhua Sci-Tech Venture Co shed 3.4 percent to 13.63 yuan.
Jiangxi Copper Co Ltd lost 3.4 percent to 17.09 yuan after saying its net profit dived 52 percent to 1.24 billion yuan in the first six months this year.
Meanwhile data from Southwest Securities Co showed 191 billion yuan of non-tradable shares will trade on the Shanghai and Shenzhen markets in September after their lock-up periods expire, a rise of 26.4 percent from August.
The value of non-tradable shares to be unlocked in September marks the third-highest level within the year, according to the brokerage, adding to investor concern about the oversupply of shares.
Bao Weijun, analyst at Soochow Securities, said the massive unlocking of non-tradable shares will hurt market sentiment.
China will further expand the pilot for credit asset securitization to better allocate capital and boost efficiency of existing credit, said a statement yesterday after a State Council meeting chaired by Premier Li Keqiang.
Haitong Securities gained 0.9 percent to 11.31 yuan. Sinolink Securities Co rose 1.6 percent to 12.65 yuan.
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