Stocks decline after 4 days
By Winny Wang |
April 1, 2010, Thursday
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Print Edition
Print Edition
SHANGHAI shares yesterday fell for the first time in four days, despite the launch of margin trading and short selling which were designed to boost market liquidity.
The Shanghai Composite Index lost 0.62 percent to close at 3,109.11.
Turnover stood at 122.8 billion yuan (US$17.98 billion) yesterday.
The barometer fell 5.1 percent from January to March, the worst quarter since the three months ended September 30, when the gauge fell more than 20 percent in August.
Shenyin & Wanguo Securities Co said in a report yesterday that earnings of mainland-listed companies may have risen 18.1 percent last year, down from its earlier projection of 20.5 percent. Their profit for 2010 is estimated to rise 27.2 percent, slower than the earlier forecast of 28 percent.
Lenders, which gained for two straight days bolstered by news of the launch of stock index futures, retreated yesterday. The Shanghai and Shenzhen stock exchanges launched margin trading and short selling yesterday.
The Bank of China, the country's biggest foreign currency lender, fell 1.83 percent to 4.29 yuan and the Industrial and Commercial Bank of China, the world's largest lender by market value, dipped 0.8 percent to finish at 4.98 yuan.
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