Shares dip on worries over earnings
Print Edition
SHANGHAI stocks edged down yesterday as concerns over corporate profitability overshadowed a policy boost for baby-related companies after China ended its one-child policy.
The Shanghai Composite Index dipped 0.14 percent to end at 3,382.56 points.
For the month, the index rebounded 11 percent, bringing the first monthly gain since May.
Lu Songjie, analyst at China Minzu Securities, attributed the drop to concerns over corporate profitability amid a slowing economic growth.
These worries overclouded Thursday’s announcement of the government’s easing of China’s one-child policy, which now allows all couples to have a second child — a move expected to boost the country’s aging labor force and increase consumption in the economy.
Baby-related firms from clothing to baby formula led the gainers. Jiangsu Jiangnan High Polymer Fiber Co jumped by the daily limit of 10 percent to 7.35 yuan (US$1.16), as did Xinjiang Tianrun Dairy Co to 33.74 yuan.
PetroChina Co, a market heavyweight, fell 0.8 percent to 8.75 yuan after the country’s biggest oil and gas producer reported its worst-ever earnings of 5.2 billion yuan in the third quarter, down 81.4 percent year on year. China Petroleum and Chemical Corp lost 0.8 percent to 5.03 yuan.
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