Shares slip on poor Q1 earnings
Print Edition
SHANGHAI stocks fell yesterday for a second day despite gains made in the morning session which rode on the overnight increases in US equities and rising oil prices.
The Shanghai Composite Index slipped 0.66 percent to close at 2,952.89 points after gaining more than 0.5 percent in the morning trading.
The index fell as first-quarter earnings results were below expectations and on uncertainties regarding the central government’s stimulus plans.
China Life, one of the country’s largest insurers, sank 3.03 percent after it said profit in the first quarter dropped 55-60 percent from a year ago in a preliminary earnings report.
The dismal earnings results prompted Shenwan Hongyuan Securities to caution investors in a note about listed companies which reported worse-than-expected earnings.
Brokerages also fell, with China Merchants Securities losing 2.71 percent to 17.26 yuan (US$2.67).
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