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September 3, 2016

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Home » Business » Finance

Shares end nearly flat for week

SHANGHAI shares ended little changed yesterday even as several corporations reported weak earnings results, but investors took some comfort from better-than-expected economic indicators.

The Shanghai Composite Index yesterday ended 0.13 percent higher at 3,067.35 points. For the week the gauge lost just 0.1 percent.

Household appliance producers led gainers yesterday, with Qingdao Haier Co adding 3.57 percent to 10.72 yuan (US$1.6) and KingClean Electric Co climbing 3.31 percent to 39.99 yuan.

Investor sentiment cooled after several companies posted weak annual reports in the first half year. China Oilfield Services Limited suffered a 1.2-percent drop in its share price after reporting a 8 billion yuan loss on Thursday.

Machinery makers, including Sany Heavy Industry Co and Shenji Group Kunming Machine Tool Co, also saw losses in their operations in the first six months.

“Investors are in a wait-and-see mood as few industries have rebounded,” Zhang Qi, analyst at Haitong Securities, told Shanghai Daily.


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