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Shanghai shares tumbled for a 4th day
By Ye Zhen |
November 29, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks declined for a fourth day to fresh a 46-month low, dragged down by securities companies, on concern the country's sluggish equity market will erode their profitability.
The key Shanghai Composite Index lost 0.51 percent, or 10.03 points to 1,963.49 points, the lowest close since January 16, 2009. Daily turnover shrank to 33.2 billion yuan (US$5.4 billion) from yesterday's 34.5 billion yuan.
Brokerages reversed the earlier gains and plummeted in the afternoon session, with Sinolink Securities plunged the daily limit of 10 percent to 13.14 yuan, and Industrial Securities dropped 8.2 percent to 9.28 yuan. Citic Securities, the biggest listed brokerage, declined 4.4 percent to 9.80 yuan.
"The stock market has been stuck in a doldrums with a light trading recently. That is an obvious hurdle for the brokers' earnings," independent analyst Shen Jianqing wrote on his blog.
Data from Wind Information Co showed that brokers' income from underwriting and sponsorship were merely 5.4 billion yuan so far this year, down sharply from 13 billion yuan in 2011 and 16.3 billion yuan in 2010.
Non-ferrous metal producer were also among the biggest losers. Rising Nonferrous Metals Share Co slumped 4.1 percent to 35.95 yuan. Xiamen Tungsten Co dropped 4 percent to 28.83 yuan. Chengtun Mining Group Co decreased 4 percent to 9.02 yuan.
Yintai Securities said in a report today that the market is likely to continue the current weakness without policy support as investor confidence is extremely low after the key index fell below the psychological 2,000-point mark.
The key Shanghai Composite Index lost 0.51 percent, or 10.03 points to 1,963.49 points, the lowest close since January 16, 2009. Daily turnover shrank to 33.2 billion yuan (US$5.4 billion) from yesterday's 34.5 billion yuan.
Brokerages reversed the earlier gains and plummeted in the afternoon session, with Sinolink Securities plunged the daily limit of 10 percent to 13.14 yuan, and Industrial Securities dropped 8.2 percent to 9.28 yuan. Citic Securities, the biggest listed brokerage, declined 4.4 percent to 9.80 yuan.
"The stock market has been stuck in a doldrums with a light trading recently. That is an obvious hurdle for the brokers' earnings," independent analyst Shen Jianqing wrote on his blog.
Data from Wind Information Co showed that brokers' income from underwriting and sponsorship were merely 5.4 billion yuan so far this year, down sharply from 13 billion yuan in 2011 and 16.3 billion yuan in 2010.
Non-ferrous metal producer were also among the biggest losers. Rising Nonferrous Metals Share Co slumped 4.1 percent to 35.95 yuan. Xiamen Tungsten Co dropped 4 percent to 28.83 yuan. Chengtun Mining Group Co decreased 4 percent to 9.02 yuan.
Yintai Securities said in a report today that the market is likely to continue the current weakness without policy support as investor confidence is extremely low after the key index fell below the psychological 2,000-point mark.
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