Shares decline to the lowest in 6 weeks
By Shanghai Daily |
March 28, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stocks yesterday fell to the lowest in six weeks as liquor producers dropped on concern demand may weaken and industrial companies posted their first January-February profit decline since 2009.
The Shanghai Composite Index edged down 0.15 percent to 2,347.18 points yesterday, the lowest level since February 14.
Liquor producers fell after Premier Wen Jiabao said at a meeting that public funds will be banned from buying tobacco, "high-end" alcohol and gifts.
Kweichow Moutai Co, China's premium liquor producer, plunged 6.37 percent to 201.50 yuan (US$32). Shanxi Xinghuacun Fen Wine Factory Co shed 3.89 percent to 65.42 yuan, and Sichuan Swellfun Co lost 4.47 percent to 23.96 yuan.
Chinese industrial firms had their first January-February profit fall since 2009 as slowing exports and a government campaign to cool property prices damped earnings.
Net income fell 5.2 percent from a year earlier to 606 billion yuan, the National Bureau of Statistics said on its website yesterday. That compared with a 34.3 percent gain in the first two months of 2011.
China's industrial profits will be weak in the "near term" as economic growth slows, Barclays Plc said. Sany Heavy Industry, the construction-equipment maker run by the Chinese mainland's richest man, lost 0.8 percent to 13.28 yuan.
The Shanghai Composite Index edged down 0.15 percent to 2,347.18 points yesterday, the lowest level since February 14.
Liquor producers fell after Premier Wen Jiabao said at a meeting that public funds will be banned from buying tobacco, "high-end" alcohol and gifts.
Kweichow Moutai Co, China's premium liquor producer, plunged 6.37 percent to 201.50 yuan (US$32). Shanxi Xinghuacun Fen Wine Factory Co shed 3.89 percent to 65.42 yuan, and Sichuan Swellfun Co lost 4.47 percent to 23.96 yuan.
Chinese industrial firms had their first January-February profit fall since 2009 as slowing exports and a government campaign to cool property prices damped earnings.
Net income fell 5.2 percent from a year earlier to 606 billion yuan, the National Bureau of Statistics said on its website yesterday. That compared with a 34.3 percent gain in the first two months of 2011.
China's industrial profits will be weak in the "near term" as economic growth slows, Barclays Plc said. Sany Heavy Industry, the construction-equipment maker run by the Chinese mainland's richest man, lost 0.8 percent to 13.28 yuan.
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