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Shanghai shares ease on earnings concern
By Ye Zhen |
December 21, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning from its four-month high amid concern about listed companies' earnings.
The key Shanghai Composite Index lost 0.52 percent, or 11.21 points, to 2,157.15 points. Turnover reached 52.2 billion yuan (US$8.4 billion) by midday.
UBS Securities today lowered its forecast for the annual growth rate of mainland-listed companies' earnings by 0.2 percentage points to 5.7 percent in 2012.
The broker also expects the combined net profit of 300 non-financial stocks listed in Shanghai and Shenzhen markets to drop 5.3 percent from a year earlier.
"The ongoing de-stocking process is likely to dent the growth of domestic investment and the market will face downward risk if there is no more policy support," the broker said in a report.
Makers of building materials led the decline amid a bout of profit taking after earlier surging on government's plan on urbanization. Fujian Cement Inc decreased 3.6 percent to 7.50 yuan. Xinjiang Qingsong Building Materials and Chemicals (Group) Co dropped 4 percent to 9.74 yuan. Ningxia Buliding Materials Group Co shed 2.7 percent to 8.73 yuan.
Brokerages also fell. Everbright Securities lost 3.7 percent to 13.03 yuan. Soochow Securities Co declined 2.7 percent to 7.47 yuan. Sinolink Securities Co fell 2.1 percent to 14.62 yuan.
The key Shanghai Composite Index lost 0.52 percent, or 11.21 points, to 2,157.15 points. Turnover reached 52.2 billion yuan (US$8.4 billion) by midday.
UBS Securities today lowered its forecast for the annual growth rate of mainland-listed companies' earnings by 0.2 percentage points to 5.7 percent in 2012.
The broker also expects the combined net profit of 300 non-financial stocks listed in Shanghai and Shenzhen markets to drop 5.3 percent from a year earlier.
"The ongoing de-stocking process is likely to dent the growth of domestic investment and the market will face downward risk if there is no more policy support," the broker said in a report.
Makers of building materials led the decline amid a bout of profit taking after earlier surging on government's plan on urbanization. Fujian Cement Inc decreased 3.6 percent to 7.50 yuan. Xinjiang Qingsong Building Materials and Chemicals (Group) Co dropped 4 percent to 9.74 yuan. Ningxia Buliding Materials Group Co shed 2.7 percent to 8.73 yuan.
Brokerages also fell. Everbright Securities lost 3.7 percent to 13.03 yuan. Soochow Securities Co declined 2.7 percent to 7.47 yuan. Sinolink Securities Co fell 2.1 percent to 14.62 yuan.
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