Related News
Shanghai shares fall 0.18% as poor earnings reports weigh on investers
Online Edition
SHANGHAI stocks dipped today as financial shares declined over poor earnings reports while property developers retreated after days of gains.
The key Shanghai Composite Index lost 0.18 percent, or 3.64 points, to 2,063.67. Turnover was 80.5 billion yuan (US$13.2 billion).
“The market is under pressure from mounting default risk, uncertainty over earnings reports and fears for new share offerings,” Haitong Securities said in a note today.
There has been speculation that the China Securities Regulatory Commission may approve new IPOs as early as April after the commission announced revised rules to overhaul the country’s listing system.
Financial shares dropped over dismal earnings reports even through Premier Li Keqiang said in a cabinet meeting yesterday that China will step up effort to ensure healthy growth of the country’s capital market.
Everbright Securities shed 0.5 percent to 7.89 yuan after it reported a 79 percent decrease in net profit last year. The brokerage was fined a record 523.3 million yuan last year by the China Securities Regulatory Commission for insider trading.
Agricultural Bank of China, the country’s third-biggest lender, yesterday reported a 14.6 percent increase in profit last year, the slowest growth rate since the bank went public in 2010.
Property developers also slumped, after days of gains over signs that the government is easing control on the sector. Poly Real Estate lost 0.9 percent to 7.42 yuan. China Fortune Land Co Ltd shed 0.32 percent to 28.40 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.
