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Shanghai shares down to 3-year low amid profit concern
By Ding Yining |
July 31, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stock closed down at the lowest level in more than three years after Chinese steel mills reported a 96 percent drop in first-half profit.
The benchmark Shanghai Composite Index was down 0.3 percent, or 6.28 points, to 2,103.63 points. Turnover was 43.5 billion yuan(US$6.9 billion), up from yesterday's 42.4 billion yuan.
The index lost a collective 5.47 percent in June among concerns slowing economy would hurt listed firms' income.
An index tracking shares with the "special treatment" labels, or poor-quality chips, sank 4.04 percent following Shanghai Stock Exchange's release of a draft guideline to set up a "risky board" as a holding area for junk shares.
The board is set to come into effect early next year and is designed as a tighter measure to deal with unprofitable companies and to fight against share price manipulation.
Wuhan National Pharmaceutical Technology Co lost 4.88 percent to 4.09 yuan. China Textile Machinery Co slid 5.02 percent to 9.84 yuan.
Steel makers were among the losers after slowing economy hurt manufacturers' earnings. China Iron and Steel Association said yesterday first-half profit at domestic steel makers dropped 96 percent from a year ago to 2.38 billion yuan. The association's director Zhu Jimin said that high raw material costs and weak demand have squeezed profit out of most steel mills.
The benchmark Shanghai Composite Index was down 0.3 percent, or 6.28 points, to 2,103.63 points. Turnover was 43.5 billion yuan(US$6.9 billion), up from yesterday's 42.4 billion yuan.
The index lost a collective 5.47 percent in June among concerns slowing economy would hurt listed firms' income.
An index tracking shares with the "special treatment" labels, or poor-quality chips, sank 4.04 percent following Shanghai Stock Exchange's release of a draft guideline to set up a "risky board" as a holding area for junk shares.
The board is set to come into effect early next year and is designed as a tighter measure to deal with unprofitable companies and to fight against share price manipulation.
Wuhan National Pharmaceutical Technology Co lost 4.88 percent to 4.09 yuan. China Textile Machinery Co slid 5.02 percent to 9.84 yuan.
Steel makers were among the losers after slowing economy hurt manufacturers' earnings. China Iron and Steel Association said yesterday first-half profit at domestic steel makers dropped 96 percent from a year ago to 2.38 billion yuan. The association's director Zhu Jimin said that high raw material costs and weak demand have squeezed profit out of most steel mills.
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