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Stocks fall in morning trade on economic slowdown fears
By Hu Xiaocen |
March 23, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell in the morning trade, extending its previous losses, as worries deepened that slowing economic growth is hurting earnings, and European manufacturing weakened.
The Shanghai Composite Index shed 0.68 percent, or 16.2 points, to 2,359.57 by the noon break with turnover of 36.9 billion yuan (US$5.8 billion).
Lenders paced a retreat of 0.38 percent on average after Agricultural Bank of China announced its 2011 annual earnings. The lender's net income in the fourth quarter fell to 21.2 billion yuan from the previous quarter's 34.1 billion yuan, according to its earning reports.
That fell short of the 28.84 billion-yuan average estimate of 20 analysts in a Bloomberg survey. Investors are worried that China's economic slowdown is hurting company earnings.
The Beijing-based lender is one of China's top five biggest banks. Its shares slid 0.38 percent to 2.64 yuan by the noon break. Industrial and Commercial Bank of China, the nation's largest lender, edged down 0.23 percent to 4.33. Bank of China shed 0.67 percent to 2.96 yuan.
A Markit Economics gauge on European manufacturing revealed an unexpected shrinkage in German and French manufacturing. Europe is China's biggest export market.
China Cosco Holdings Co, Asia's biggest shipping liner, lost 0.76 percent to end at 5.19 yuan.
The Shanghai Composite Index shed 0.68 percent, or 16.2 points, to 2,359.57 by the noon break with turnover of 36.9 billion yuan (US$5.8 billion).
Lenders paced a retreat of 0.38 percent on average after Agricultural Bank of China announced its 2011 annual earnings. The lender's net income in the fourth quarter fell to 21.2 billion yuan from the previous quarter's 34.1 billion yuan, according to its earning reports.
That fell short of the 28.84 billion-yuan average estimate of 20 analysts in a Bloomberg survey. Investors are worried that China's economic slowdown is hurting company earnings.
The Beijing-based lender is one of China's top five biggest banks. Its shares slid 0.38 percent to 2.64 yuan by the noon break. Industrial and Commercial Bank of China, the nation's largest lender, edged down 0.23 percent to 4.33. Bank of China shed 0.67 percent to 2.96 yuan.
A Markit Economics gauge on European manufacturing revealed an unexpected shrinkage in German and French manufacturing. Europe is China's biggest export market.
China Cosco Holdings Co, Asia's biggest shipping liner, lost 0.76 percent to end at 5.19 yuan.
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