Related News
Shanghai shares drop amid profit concerns
By Ding Yining |
July 30, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stock closed lower in the morning session after posting six consecutive weekly losses with gains of financial shares being overshadowed by brokerages and shipping firms amid concerns about profitability.
The benchmark Shanghai Composite Index was down 0.13 percent, or 2.81 points, to close at 2,125.95 points as of 11:30am and turnover was 21.8 billion yuan(US$3.5 billion).
Bank of Communications advanced 2.37 percent to 4.32 yuan after Shanghai Securities News reported today the lender is awaiting approval for its massive 29.8 billion yuan private placement from the China Securities Regulatory Commission. The Ministry of Finance and the National Social Security Fund will both participate in the subscription, it said.
Industrial Bank climbed 2.22 percent to 12.45 yuan.
China Cosco Holdings Co slumped 3.41 percent to 4.25 yuan after it estimated losses in the first half will widen 50 percent from a year ago to 2.7 billion yuan due to sluggish dry bulk transportation businesses and oversupply of shipping capacity.
Other shipping firms were also weak. China Shipping Container Lines Co lost 2 percent to 2.45 yuan. China Shipping Haisheng sank 4.51 percent to 4.23 yuan.
Brokerages dragged down the index among concerns low turnover would hurt their trading commission income. GF Securities sank 5.03 percent to 13.98 yuan. Guoyuan Securities was down 1.68 percent to 10.55 yuan.
The benchmark Shanghai Composite Index was down 0.13 percent, or 2.81 points, to close at 2,125.95 points as of 11:30am and turnover was 21.8 billion yuan(US$3.5 billion).
Bank of Communications advanced 2.37 percent to 4.32 yuan after Shanghai Securities News reported today the lender is awaiting approval for its massive 29.8 billion yuan private placement from the China Securities Regulatory Commission. The Ministry of Finance and the National Social Security Fund will both participate in the subscription, it said.
Industrial Bank climbed 2.22 percent to 12.45 yuan.
China Cosco Holdings Co slumped 3.41 percent to 4.25 yuan after it estimated losses in the first half will widen 50 percent from a year ago to 2.7 billion yuan due to sluggish dry bulk transportation businesses and oversupply of shipping capacity.
Other shipping firms were also weak. China Shipping Container Lines Co lost 2 percent to 2.45 yuan. China Shipping Haisheng sank 4.51 percent to 4.23 yuan.
Brokerages dragged down the index among concerns low turnover would hurt their trading commission income. GF Securities sank 5.03 percent to 13.98 yuan. Guoyuan Securities was down 1.68 percent to 10.55 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
