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Shanghai stocks sink on weak sentiment
By Ye Zhen |
August 31, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks traded lower this morning after many listed companies reported losses in the first six months, feeding pessimism that China's economy may continue a downward trend in coming months.
The key Shanghai Composite Index shed 0.07 percent, or 1.51 points, to 2,051.08 points. Turnover stood at 18 billion yuan (US$2.9 billion) by the noon break.
The combined first-half profit of the nation's 2,477 listed companies fell 0.5 percent from a year earlier to 1.02 trillion yuan, according to Zhejiang Hithink Flush Information Network Co.
Excluding earnings made by lenders, their total profit shrank 15.8 percent year-on-year, further proving that China's real economy remained weak in the first half of this year.
By today, all companies listed in Shanghai and Shenzhen bourses have released their interim reports.
Non-ferrous metal producers declined. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, dropped 2 percent to 31.65 yuan. Rising Nonferrous Metals Share Co shed 1.6 percent to 46.45 yuan.
CITIC Securities, the biggest listed brokerage, lost 0.4 percent to 10.30 yuan after reporting a 24.4 percent loss in first-half profit. Founder Securities Co fell 1 percent to 4.08 yuan.
But property developers rallied. China Vanke, the nation's biggest developer, rose 1.1 percent to 8.08 yuan. Poly Real Estate, the second largest developer, jumped 2.2 percent to 9.33 yuan. Gemdale Corporation added 1.4 percent to 5 yuan.
The key Shanghai Composite Index shed 0.07 percent, or 1.51 points, to 2,051.08 points. Turnover stood at 18 billion yuan (US$2.9 billion) by the noon break.
The combined first-half profit of the nation's 2,477 listed companies fell 0.5 percent from a year earlier to 1.02 trillion yuan, according to Zhejiang Hithink Flush Information Network Co.
Excluding earnings made by lenders, their total profit shrank 15.8 percent year-on-year, further proving that China's real economy remained weak in the first half of this year.
By today, all companies listed in Shanghai and Shenzhen bourses have released their interim reports.
Non-ferrous metal producers declined. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, dropped 2 percent to 31.65 yuan. Rising Nonferrous Metals Share Co shed 1.6 percent to 46.45 yuan.
CITIC Securities, the biggest listed brokerage, lost 0.4 percent to 10.30 yuan after reporting a 24.4 percent loss in first-half profit. Founder Securities Co fell 1 percent to 4.08 yuan.
But property developers rallied. China Vanke, the nation's biggest developer, rose 1.1 percent to 8.08 yuan. Poly Real Estate, the second largest developer, jumped 2.2 percent to 9.33 yuan. Gemdale Corporation added 1.4 percent to 5 yuan.
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