Shares decline for the sixth day in seven
By Lydia Chen |
August 25, 2011, Thursday
|
Print Edition
Print Edition
SHARES in Shanghai yesterday fell for the sixth day in seven, with China Life Insurance dropping to a record low after the country's biggest insurer's half-year earnings report fell short of investors' expectations.
Rallies in Western markets gave Shanghai a short-lived boost during morning trading but the Shanghai Composite Index ended the day down 0.5 percent at 2,541.09 points.
China Life slumped 3.3 percent to 15.63 yuan, the lowest since its listing in January 2007, after the insurer said first-half profits fell 28 percent from a year earlier to 12.96 billion yuan as declines in the domestic stock market hurt investment returns. Ping An Insurance slid 0.9 percent to 40.61 yuan.
Blue chips, such as cement makers, banks and coal producers, also dragged the market down after an HSBC survey showed China's manufacturing activity improved slightly in August but may still have contracted for the second time this year.
Huaxin Cement lost 2.7 percent to 24.11 yuan. The Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.7 percent to 4.08 yuan. Yanzhou Coal Mining dropped 1.1 percent to 29.95 yuan.
A preliminary reading of the HSBC Purchasing Managers' Index indicated a rebound to 49.8 from July's 49.3 - a reading below 50 indicates contraction.
China International Capital said: "The rebound may reduce the chances of an economic hard landing."
Rallies in Western markets gave Shanghai a short-lived boost during morning trading but the Shanghai Composite Index ended the day down 0.5 percent at 2,541.09 points.
China Life slumped 3.3 percent to 15.63 yuan, the lowest since its listing in January 2007, after the insurer said first-half profits fell 28 percent from a year earlier to 12.96 billion yuan as declines in the domestic stock market hurt investment returns. Ping An Insurance slid 0.9 percent to 40.61 yuan.
Blue chips, such as cement makers, banks and coal producers, also dragged the market down after an HSBC survey showed China's manufacturing activity improved slightly in August but may still have contracted for the second time this year.
Huaxin Cement lost 2.7 percent to 24.11 yuan. The Industrial and Commercial Bank of China, the nation's biggest lender, shed 0.7 percent to 4.08 yuan. Yanzhou Coal Mining dropped 1.1 percent to 29.95 yuan.
A preliminary reading of the HSBC Purchasing Managers' Index indicated a rebound to 49.8 from July's 49.3 - a reading below 50 indicates contraction.
China International Capital said: "The rebound may reduce the chances of an economic hard landing."
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