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Shanghai shares drop on weaker earnings
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Shanghai stocks retreated today, sending the key index to its first monthly loss in four months, as investors took a cautious stance ahead of the upcoming policy meeting while disappointing earning reports dent market sentiment.
The benchmark Shanghai Composite Index shed 0.87 percent, or 18.85 points, to 2,141.61 at the close. The index ended the month with a 1.5 percent decline, snapping a winning streak of three months.
Shares worth of 88.6 billion yuan (US$14.5 billion) were traded, down from 95.2 billion yuan yesterday.
“Investors adopted a cautious approach as indicated by shrinking turnover and cautious sentiment is likely to dominate the market before the Third Plenum (of CPC Central Committee),” said Shenyin & Wanguo Securities.
A slew of Chinese banks posted third-quarter earning reports yesterday, which pointed to a slower profit growth and rising bad loans of the banking sector.
Bank Of Communications Co lost 1.6 percent to 4.19 yuan after reporting a 3.4 percent year-on-year increase in third-quarter net profit, down from an 11.7 percent gain during the same period last year. Agricultural Bank of China lost 0.78 percent to 2.55 yuan after reporting that its third-quarter net profit rose 15 percent annually, down from 16 percent growth a year earlier.
Bad loans at China’s four biggest banks — Industrial & Commercial Bank of China Ltd, China Construction Bank Corp, Bank of China and AgBank — increased 3.5 percent in the three months ended September to a combined 329.4 billion yuan, the biggest increase since 2010, data complied by Bloomberg showed.
Pharmaceutical companies also declined as their earnings were dragged by the anti-corruption campaign.
Zhejiang Hisun Pharmaceutical Co fell 1.4 percent to 16.03 yuan. Shanghai Jiaoda Onlly Co dropped 1.9 percent to 7.79 yuan. Harbin Pharm. Group Sanjing Pharmaceutical Shareholding Co lost 0.87 percent to 6.82 yuan.
Zhongshan Securities said the market was also weighted down by profit takings as institutional investors started to lock in their profits before the year end.
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