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Shanghai stocks little changed in the morning
By Lydia Chen |
May 19, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks remained little changed in the morning session as analysts said a short-term rebound in the previous two trading days might come to an end.
The Shanghai Composite Index was down 0.08 percent to 2,870.52. Turnover dipped to 51.83 billion yuan (US$7.97 billion).
Spirits makers were the strongest performers in the early trading over encouraging profit prospects.
Kweichow Moutai Co, China's top spirit maker, gained 2.60 percent to 200 yuan. Hebei Henshui Laobaigan climbed the most among its industry peers with a hike of 4.54 percent to 32.95 yuan.
Average profit growth for spirit makers in the first quarter jumped to 49 percent from 35 percent in the same period last year while average price-to-earnings rate for leading spirit firms now hovers around a relatively low level of 22 to 24 times.
Analysts at Guotai Junan Securities Co also suggested investors pay attention to wine makers who are also likely to see profit hikes this year.
The Shanghai Composite Index was down 0.08 percent to 2,870.52. Turnover dipped to 51.83 billion yuan (US$7.97 billion).
Spirits makers were the strongest performers in the early trading over encouraging profit prospects.
Kweichow Moutai Co, China's top spirit maker, gained 2.60 percent to 200 yuan. Hebei Henshui Laobaigan climbed the most among its industry peers with a hike of 4.54 percent to 32.95 yuan.
Average profit growth for spirit makers in the first quarter jumped to 49 percent from 35 percent in the same period last year while average price-to-earnings rate for leading spirit firms now hovers around a relatively low level of 22 to 24 times.
Analysts at Guotai Junan Securities Co also suggested investors pay attention to wine makers who are also likely to see profit hikes this year.
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