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Shares decline despite margin trades
By Winny Wang |
March 31, 2010, Wednesday
|
Online Edition
Online Edition
SHARES on the Chinese mainland declined today despite the launch of margin trading and short selling designed to boost market liquidity.
The Shanghai Composite Index, which tracks the bigger mainland bourse, lost 0.62 percent to close at 3,109.11 points. Turnover stood at 122.8 billion yuan (US$17.98 billion). Losers outnumbered gainers by 483 to 335 with 46 stocks unchanged.
The Shenzhen Composite Index, which tracks the smaller exchange, edged up 0.22 percent to 1,211 points.
Shenyin & Wanguo Securities Co lowered its estimate of corporate earnings growth on concerns over increasing costs led by growing inflation.
It said in a report today that earnings of companies listed on the mainland may have risen 18.1 percent last year, compared with its earlier projection of 20.5 percent. This year's profit is estimated to gain 27.2 percent, slower than the earlier forecast of 28 percent.
Lenders, which gained for two straight days bolstered by the news of stock index futures' launch, retreated today although they are targets for margin trading and short selling.
Shanghai and Shenzhen stock exchanges launched margin trading and short selling starting today to further shore up liquidity and allow investors to profit by betting on a market's drop.
Bank of China, the country's biggest foreign currency bank, dropped 1.83 percent to 4.29 yuan apiece and Industrial and Commercial Bank of China, the world's largest lender by market value, dipped 0.8 percent to 4.98 yuan.
Citic Securities Co, China's biggest brokerage by market value, rose 0.53 percent to 28.42 yuan apiece after reporting a jump in net profit of last year.
The broker's net income rose by 23 percent last year to 8.98 billion yuan backed by the stock market rally that drove a recovery in trading.
The Shanghai Composite Index, which tracks the bigger mainland bourse, lost 0.62 percent to close at 3,109.11 points. Turnover stood at 122.8 billion yuan (US$17.98 billion). Losers outnumbered gainers by 483 to 335 with 46 stocks unchanged.
The Shenzhen Composite Index, which tracks the smaller exchange, edged up 0.22 percent to 1,211 points.
Shenyin & Wanguo Securities Co lowered its estimate of corporate earnings growth on concerns over increasing costs led by growing inflation.
It said in a report today that earnings of companies listed on the mainland may have risen 18.1 percent last year, compared with its earlier projection of 20.5 percent. This year's profit is estimated to gain 27.2 percent, slower than the earlier forecast of 28 percent.
Lenders, which gained for two straight days bolstered by the news of stock index futures' launch, retreated today although they are targets for margin trading and short selling.
Shanghai and Shenzhen stock exchanges launched margin trading and short selling starting today to further shore up liquidity and allow investors to profit by betting on a market's drop.
Bank of China, the country's biggest foreign currency bank, dropped 1.83 percent to 4.29 yuan apiece and Industrial and Commercial Bank of China, the world's largest lender by market value, dipped 0.8 percent to 4.98 yuan.
Citic Securities Co, China's biggest brokerage by market value, rose 0.53 percent to 28.42 yuan apiece after reporting a jump in net profit of last year.
The broker's net income rose by 23 percent last year to 8.98 billion yuan backed by the stock market rally that drove a recovery in trading.
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