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Shanghai stocks retreat over shipping losses
By Ye Zhen |
August 30, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged down today after the nation's shipping giants posted losses, offsetting the government effort to boost market liquidity.
The benchmark Shanghai Composite Index shed 0.03 percent, or 0.65 points, to close at 2,052.59 points. Turnover was 50.8 billion yuan (US$8.1 billion) at the trading close.
Company earnings are unlikely to show improvement amid economic slowdown, Donghai Securities said in a report today. The stock market will continue the downward trend for the short term, the brokerage said.
China COSCO Holdings Co, the country's biggest shipper, lost 1.2 percent to end at 3.98 yuan after reporting yesterday a 79.7 percent year-on-year loss in first-half net profit as sluggish global economy weighed on the shipping business.
China Shipping Container Lines Co, China's largest container shipper, slumped 2.3 percent to 2.13 yuan after it posted a first-half loss of 1.28 billion, widening from a loss of 630 million yuan a year earlier.
Today's decline was slowed by a surge in financial institutions after China Securities Finance Corporation, a state-owned intermediary body, started to lend money to brokerages for margin trading today. Guotai Junan Securities expects a maximum of 10 billion yuan will flow to the stock market today.
Sinolink Securities Co jumped by the daily limit of 10 percent to 11.87 yuan. CITIC Securities, the biggest listed brokerage, rose 1.7 percent to 10.34 yuan. Haitong Securities Co advanced 2.7 percent to 8.29 yuan.
The benchmark Shanghai Composite Index shed 0.03 percent, or 0.65 points, to close at 2,052.59 points. Turnover was 50.8 billion yuan (US$8.1 billion) at the trading close.
Company earnings are unlikely to show improvement amid economic slowdown, Donghai Securities said in a report today. The stock market will continue the downward trend for the short term, the brokerage said.
China COSCO Holdings Co, the country's biggest shipper, lost 1.2 percent to end at 3.98 yuan after reporting yesterday a 79.7 percent year-on-year loss in first-half net profit as sluggish global economy weighed on the shipping business.
China Shipping Container Lines Co, China's largest container shipper, slumped 2.3 percent to 2.13 yuan after it posted a first-half loss of 1.28 billion, widening from a loss of 630 million yuan a year earlier.
Today's decline was slowed by a surge in financial institutions after China Securities Finance Corporation, a state-owned intermediary body, started to lend money to brokerages for margin trading today. Guotai Junan Securities expects a maximum of 10 billion yuan will flow to the stock market today.
Sinolink Securities Co jumped by the daily limit of 10 percent to 11.87 yuan. CITIC Securities, the biggest listed brokerage, rose 1.7 percent to 10.34 yuan. Haitong Securities Co advanced 2.7 percent to 8.29 yuan.
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