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Shanghai shares sank over poor corporate data
By Ye Zhen |
September 18, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks retreated this morning as investors were discouraged by poor data that showed no obvious improvement in corporate performance in China.
The benchmark Shanghai Composite Index lost 0.64 percent, or 13.24 points, to 2,065.26 points. Turnover was 23.7 billion yuan (US$3.8 billion) at midday.
Profits of Chinese state-owned enterprises, excluding those in the financial sector, fell 12.8 percent from a year earlier to 1.38 trillion yuan in the first eight months, the Ministry of Finance said yesterday.
A separate report from Wind Information Co showed only 492 out of the 945 listed companies delivered a positive profit report for the January-August period, with only 11 percent of them expecting more earnings than planned, the least percentage in eight years.
The statistics indicated that the profit of listed companies is declining further due to weak support from fiscal and monetary policies, said China International Capital Corp.
Non-ferrous metals producers were bearish this morning. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 2.8 percent to 33.52 yuan. Xiamen Tungsten Co dropped 3 percent to 40 yuan. Jiangxi Copper, China's biggest producer of the metal, dipped 1.8 percent to 22.05 yuan.
Zijin Mining Group Co, the nation's largest gold producer, shed 2 percent to 3.90 yuan. Shandong Gold Mining Co slipped 1.9 percent to 39.39 yuan. Zhongjin Gold Corp sank 2.2 percent to 16.47 yuan.
Coal producers fell as well due to shrinking demand and rising inventory. China Shenhua Energy Co, the nation's biggest coal producer, lost 1.2 percent to 22.13 yuan. Qinghai Sunshiny Mining Co slumped 6.1 percent to 4.50 yuan. Shanxi Lu'an Environmental Energy Development Co slid 2.7 percent to 17 yuan.
The benchmark Shanghai Composite Index lost 0.64 percent, or 13.24 points, to 2,065.26 points. Turnover was 23.7 billion yuan (US$3.8 billion) at midday.
Profits of Chinese state-owned enterprises, excluding those in the financial sector, fell 12.8 percent from a year earlier to 1.38 trillion yuan in the first eight months, the Ministry of Finance said yesterday.
A separate report from Wind Information Co showed only 492 out of the 945 listed companies delivered a positive profit report for the January-August period, with only 11 percent of them expecting more earnings than planned, the least percentage in eight years.
The statistics indicated that the profit of listed companies is declining further due to weak support from fiscal and monetary policies, said China International Capital Corp.
Non-ferrous metals producers were bearish this morning. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 2.8 percent to 33.52 yuan. Xiamen Tungsten Co dropped 3 percent to 40 yuan. Jiangxi Copper, China's biggest producer of the metal, dipped 1.8 percent to 22.05 yuan.
Zijin Mining Group Co, the nation's largest gold producer, shed 2 percent to 3.90 yuan. Shandong Gold Mining Co slipped 1.9 percent to 39.39 yuan. Zhongjin Gold Corp sank 2.2 percent to 16.47 yuan.
Coal producers fell as well due to shrinking demand and rising inventory. China Shenhua Energy Co, the nation's biggest coal producer, lost 1.2 percent to 22.13 yuan. Qinghai Sunshiny Mining Co slumped 6.1 percent to 4.50 yuan. Shanxi Lu'an Environmental Energy Development Co slid 2.7 percent to 17 yuan.
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