Shipping losses pull index down
By Ye Zhen |
August 31, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks edged down yesterday after Chinese shipping giants sailed into losses.
The Shanghai Composite Index shed 0.03 percent to close at 2,052.59 points.
China COSCO Holdings Co, the country's biggest shipper, shed 1.2 percent to 3.98 yuan (63 US cents) after its first-half net loss widened by an annual 79.7 percent to 4.87 billion yuan on a sluggish global economy.
China Shipping Container Lines Co, the nation's largest container shipper, fell 2.3 percent to 2.13 yuan after it posted a first-half loss of 1.28 billion, widening from a loss of 630 million yuan a year earlier.
Donghai Securities said in a report that company earnings won't improve amid the economic slowdown and the stock market will continue to drop in the short term.
The market's drop was slightly offset by gains in stock brokers as the China Securities Finance Corp, a state-owned intermediary body, started to lend money to them for margin trading.
Guotai Junan Securities estimated 10 billion yuan may have flowed into the market yesterday.
Sinolink Securities Co jumped by the daily limit of 10 percent to 11.87 yuan. CITIC Securities, China's biggest listed broker, rose 1.7 percent to 10.34 yuan.
The Shanghai Composite Index shed 0.03 percent to close at 2,052.59 points.
China COSCO Holdings Co, the country's biggest shipper, shed 1.2 percent to 3.98 yuan (63 US cents) after its first-half net loss widened by an annual 79.7 percent to 4.87 billion yuan on a sluggish global economy.
China Shipping Container Lines Co, the nation's largest container shipper, fell 2.3 percent to 2.13 yuan after it posted a first-half loss of 1.28 billion, widening from a loss of 630 million yuan a year earlier.
Donghai Securities said in a report that company earnings won't improve amid the economic slowdown and the stock market will continue to drop in the short term.
The market's drop was slightly offset by gains in stock brokers as the China Securities Finance Corp, a state-owned intermediary body, started to lend money to them for margin trading.
Guotai Junan Securities estimated 10 billion yuan may have flowed into the market yesterday.
Sinolink Securities Co jumped by the daily limit of 10 percent to 11.87 yuan. CITIC Securities, China's biggest listed broker, rose 1.7 percent to 10.34 yuan.
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