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Stocks drop for fourth straight day
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SHANGHAI stocks dropped for the fourth day in a row amid growing concern over economic growth after China reported slower growth in industrial profits in June. The central government’s latest plan to conduct a nationwide audit of government debt also weighed on the market.
The key Shanghai Composite Index lost 1.57 percent to 1,979.38 points by the noon break.
The combined profits of China’s industrial companies rose 6.3 percent from a year earlier in June, lower than an annual gain of 15.5 percent in May and 9.5 percent in April, the National Bureau of Statistics said on Saturday.
Industrial profits increased 11.1 percent in the first six months of the year, down from a 12.3 percent growth in the January to May period, the bureau said.
“The modest easing in industry profit growth comes with the on-going sluggish manufacturing environment,” said Zhu Haibin, chief economist for China at JPMorgan in a note. “Indeed, the weakness in manufacturing investment has been a major drag on economic growth in recent months.”
China’s National Audit Office said yesterday that it will launch a nationwide audit of government debt at the request of the State Council, fueling concern over rising debt levels that may pose risks to the growth of the world’s second largest economy.
Most shares fell, with building materials, financial institutions and property developers leading the decline.
Anhui Conch Cement Co, the biggest Chinese cement producer, dropped 6.6 percent to 14.05 yuan.
Gansu Qilianshan Cement Group Co fell 5 percent to 6.62 yuan. Shaanxi Qinling Cement (Group) Co slumped 6 percent to 4.23 yuan.
Haitong Securities fell 3.8 percent to 10.28 yuan. Industrial Bank lost 3 percent to 9.06 yuan. Ping An Insurance Co, China's second largest insurer, declined 2.1 percent to 31.90 yuan.
Poly Real Estate, the second largest developer, slid 4.6 percent to 9.63 yuan. Gemdale Corporation decreased 2.9 percent to 6.44 yuan.
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