Shares drop to lowest in over 6 weeks
By Jane Feng |
November 17, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks fell to the lowest in more than six weeks yesterday on concerns over the profit outlook for companies.
The Shanghai Composite Index fell 0.77 percent to 2,014.73 points, the lowest since September 26. For this week, the index slid 2.6 percent.
Investors were disappointed after the Ministry of Finance said on Thursday that profits of China's state-owned enterprises fell 8.3 percent from a year earlier.
"Though economic indicators for October improved slightly, the market will not pick up unless investors see a big improvement in companies' profits," said Qin Haiyan, a fund manager at China Natural Asset Management Co.
He predicted the market will "remain weak" for the rest of this year as liquidity is tight and there are no stimulus policies on the horizon.
Oil refiners fell after fuel prices were cut by more than 3 percent. China Petroleum and Chemical Corp, also known as Sinopec and the nation's top refiner, lost 2 percent to 6.04 yuan (97 US cents). PetroChina Co fell 0.5 percent to 8.57 yuan.
The Shanghai Composite Index fell 0.77 percent to 2,014.73 points, the lowest since September 26. For this week, the index slid 2.6 percent.
Investors were disappointed after the Ministry of Finance said on Thursday that profits of China's state-owned enterprises fell 8.3 percent from a year earlier.
"Though economic indicators for October improved slightly, the market will not pick up unless investors see a big improvement in companies' profits," said Qin Haiyan, a fund manager at China Natural Asset Management Co.
He predicted the market will "remain weak" for the rest of this year as liquidity is tight and there are no stimulus policies on the horizon.
Oil refiners fell after fuel prices were cut by more than 3 percent. China Petroleum and Chemical Corp, also known as Sinopec and the nation's top refiner, lost 2 percent to 6.04 yuan (97 US cents). PetroChina Co fell 0.5 percent to 8.57 yuan.
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