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Shipping losses weigh on Shanghai stocks
By Ye Zhen |
August 30, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks dropped this morning after China's two largest shipping companies posted losses, casting a shadow over the re-lending business that started today to boost market liquidity.
The benchmark Shanghai Composite Index lost 0.34 percent, or 7.08 points, to 2,046.16 points. Turnover stood at 23.7 billion yuan (US$3.8 billion) at midday.
China COSCO Holdings Co, the country's biggest shipper, fell 0.7 percent to 4 yuan in Shanghai trading after reporting yesterday a 79.7 percent year-on-year loss in first-half net profit due to sluggish global demand.
China Shipping Container Lines Co, China's largest container shipper, slumped 1.4 percent to 2.15 yuan after it posted a first-half loss of 1.28 billion, widened from a loss of 630 million yuan a year earlier.
China launched a pilot program toady to allow selected brokerages to borrow money from China Securities Finance Corporation, a state-owned intermediary body, and relend it to clients for margin trading. Guotai Junan Securities expects a maximum of 10 billion yuan will be injected into the stock market today.
CITIC Securities, the biggest listed brokerage, added 0.5 percent to 10.22 yuan. Haitong Securities Co advanced 1.1 percent to 8.16 yuan. Sinolink Securities Co jumped 3.7 percent to 11.19 yuan.
New China Life Insurance Co gained among insurers, rising 2 percent to 25.25 yuan, after posting a 7.3 percent gain in first-half net profit. China Life Insurance, the country's biggest insurer, increased 1.9 percent to 17.09 yuan. Ping An Insurance Co, China's second largest insurer, climbed 2.2 percent to 39.26 yuan.
The benchmark Shanghai Composite Index lost 0.34 percent, or 7.08 points, to 2,046.16 points. Turnover stood at 23.7 billion yuan (US$3.8 billion) at midday.
China COSCO Holdings Co, the country's biggest shipper, fell 0.7 percent to 4 yuan in Shanghai trading after reporting yesterday a 79.7 percent year-on-year loss in first-half net profit due to sluggish global demand.
China Shipping Container Lines Co, China's largest container shipper, slumped 1.4 percent to 2.15 yuan after it posted a first-half loss of 1.28 billion, widened from a loss of 630 million yuan a year earlier.
China launched a pilot program toady to allow selected brokerages to borrow money from China Securities Finance Corporation, a state-owned intermediary body, and relend it to clients for margin trading. Guotai Junan Securities expects a maximum of 10 billion yuan will be injected into the stock market today.
CITIC Securities, the biggest listed brokerage, added 0.5 percent to 10.22 yuan. Haitong Securities Co advanced 1.1 percent to 8.16 yuan. Sinolink Securities Co jumped 3.7 percent to 11.19 yuan.
New China Life Insurance Co gained among insurers, rising 2 percent to 25.25 yuan, after posting a 7.3 percent gain in first-half net profit. China Life Insurance, the country's biggest insurer, increased 1.9 percent to 17.09 yuan. Ping An Insurance Co, China's second largest insurer, climbed 2.2 percent to 39.26 yuan.
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