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Shares drop on concern about weak profit
By Ye Zhen |
October 25, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged down this morning as concerns on poor corporate earnings overshadowed signs of a gathering recovery in the world's second largest economy.
The benchmark Shanghai Composite Index shed 0.17 percent to 2,112.36 points. Turnover stood at 30.6 billion yuan (US$4.9 billion) by the noon break.
Concerns about lackluster corporate earnings intensified ahead of a wave of third-quarter reports this week and next. According to a report by China Securities Journal, the combined earnings of 649 companies listed in Shanghai and Shenzhen markets shrank 2.5 percent annually during the January-September period.
However, their profits in the third quarter increased 3.71 percent from a year earlier, adding signs to an economic recovery.
A HSBC survey yesterday also showed China's manufacturing activity improved for the second consecutive month to the highest level in October.
Property developers were bearish after data from Lianjia Real Estate Agent Co showed the combined net profit of 29 listed developers that have reported their earnings fell 4.92 percent year on year in the first three quarters this year.
Poly Real Estate, the nation's second largest developer, lost 1.3 percent to 11.07 yuan. Gemdale Corporation declined 0.9 percent to 5.24 yuan. CRED Holding Co dropped 5.1 percent to 4.70 yuan.
Nuclear power-related stocks advanced after the government yesterday said it will restart approval of new nuclear power plants that was suspended in last March following the nuclear crisis in Japan's Fukushima. Shanghai Electric Group Co rose 2.8 percent to 4.43 yuan. Dongfang Electric Corp added 1 percent to 14.45 yuan.
The benchmark Shanghai Composite Index shed 0.17 percent to 2,112.36 points. Turnover stood at 30.6 billion yuan (US$4.9 billion) by the noon break.
Concerns about lackluster corporate earnings intensified ahead of a wave of third-quarter reports this week and next. According to a report by China Securities Journal, the combined earnings of 649 companies listed in Shanghai and Shenzhen markets shrank 2.5 percent annually during the January-September period.
However, their profits in the third quarter increased 3.71 percent from a year earlier, adding signs to an economic recovery.
A HSBC survey yesterday also showed China's manufacturing activity improved for the second consecutive month to the highest level in October.
Property developers were bearish after data from Lianjia Real Estate Agent Co showed the combined net profit of 29 listed developers that have reported their earnings fell 4.92 percent year on year in the first three quarters this year.
Poly Real Estate, the nation's second largest developer, lost 1.3 percent to 11.07 yuan. Gemdale Corporation declined 0.9 percent to 5.24 yuan. CRED Holding Co dropped 5.1 percent to 4.70 yuan.
Nuclear power-related stocks advanced after the government yesterday said it will restart approval of new nuclear power plants that was suspended in last March following the nuclear crisis in Japan's Fukushima. Shanghai Electric Group Co rose 2.8 percent to 4.43 yuan. Dongfang Electric Corp added 1 percent to 14.45 yuan.
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