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Shanghai shares retreat on weaker earnings
By Ye Zhen |
October 25, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks fell to the lowest level in more than a week amid concerns about poor corporate earnings.
The Shanghai Composite Index lost 0.68 percent to end at 2,101.58 points with daily turnover of 55.7 billion yuan (US$8.8 billion).
Concerns about lackluster corporate earnings intensified ahead of a wave of third-quarter reports this week and next.
According to a report by China Securities Journal, the combined earnings of 649 listing companies that have disclosed their net-profits as of October 24 shrank 2.5 percent annually during the January-September period.
Guizhou Panjiang Refined Coal Co led declines among coal producers, slumping 9.3 percent to 15.46 yuan as the company's net profit in the third quarter dropped 60.6 percent from the same period last year due to falling coal prices.
Shanxi Lanhua Sci-Tech Venture Co shed 3.4 percent to 18.84 yuan. Shanxi Lu'an Environmental Energy Development Co slipped 3.8 percent to 17.16 yuan. Yang Quan Coal Industry (Group) Co decreased 2.7 percent to 13.95 yuan.
Property developers retreated after data from Lianjia Real Estate Agent Co showed the combined net profit of 29 listed developers that have reported their earnings fell 4.92 percent year on year in the first three quarters this year.
Poly Real Estate, the nation's second largest developer, lost 2.4 percent to 10.95 yuan. Gemdale Corporation declined 1.9 percent to 5.19 yuan. CRED Holding Co dropped 8.1 percent to 4.55 yuan.
The Shanghai Composite Index lost 0.68 percent to end at 2,101.58 points with daily turnover of 55.7 billion yuan (US$8.8 billion).
Concerns about lackluster corporate earnings intensified ahead of a wave of third-quarter reports this week and next.
According to a report by China Securities Journal, the combined earnings of 649 listing companies that have disclosed their net-profits as of October 24 shrank 2.5 percent annually during the January-September period.
Guizhou Panjiang Refined Coal Co led declines among coal producers, slumping 9.3 percent to 15.46 yuan as the company's net profit in the third quarter dropped 60.6 percent from the same period last year due to falling coal prices.
Shanxi Lanhua Sci-Tech Venture Co shed 3.4 percent to 18.84 yuan. Shanxi Lu'an Environmental Energy Development Co slipped 3.8 percent to 17.16 yuan. Yang Quan Coal Industry (Group) Co decreased 2.7 percent to 13.95 yuan.
Property developers retreated after data from Lianjia Real Estate Agent Co showed the combined net profit of 29 listed developers that have reported their earnings fell 4.92 percent year on year in the first three quarters this year.
Poly Real Estate, the nation's second largest developer, lost 2.4 percent to 10.95 yuan. Gemdale Corporation declined 1.9 percent to 5.19 yuan. CRED Holding Co dropped 8.1 percent to 4.55 yuan.
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