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Stocks hit 3-month low on global growth fears
By Hu Xiaocen |
March 23, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks sank on deepened worries that slowing economic growth is hurting earnings, and causing commodity prices to slump.
The Shanghai Composite Index tumbled 1.10 percent, or 26.23 points to 2,349.54, registering its biggest weekly loss in three months. Turnover was 74.1 billion yuan (US$11.7 billion), the lowest level since March 1.
China United Network Communications, the country's second-largest mobile operator and also known as China Unicom, shed 1.32 percent to 4.48 yuan after the telecom giant reported profit below analyst estimates.
Agricultural Bank of China also announced worse-than-expected profit. The lender's net income in the fourth quarter fell 14 percent to 21.2 billion yuan from the previous quarter, according to its earnings report. The lender's shares edged down 0.38 percent to 2.64 yuan at the trading close.
Investors are worried that China's economic slowdown is hurting company earnings. "The market tends to weaken, and heavyweight stocks might drag down the key index," said Zhang Hanshi, an analyst at Everred Securities. And in Zhang's opinion, the central bank will cut the reserve requirement again.
Gold prices fell on a dimmed demand outlook amid the slowing global economy, as manufacturing gauges for China, Germany and France all fell, according to Markit Economics. Spot gold capped a second-weekly loss after touching US$1,628.22, the lowest level in more than two months.
Zijin Mining Group Co, China's biggest gold miner, lost 2.48 percent to 4.32 yuan. Shandong Gold Mining Co, slumped 3.15 percent to 33.84 yuan. Eastern Gold Jade Co plunged 6.2 percent to 13 yuan.
"Property stocks are experiencing significant pressure, it's very hard for them to rebound," said Zhang.
The Securities Journal reported an average jump of 80.31 percent in 18 listed property developers' interest expenses, according to their 2011 annual reports.
Property developers were among the worst performers in today's trade. China Vanke Co, retreated 1.34 percent to 8.12 yuan. Poly Real Estate Group Co, lost 1.4 percent to 10.6 yuan.
The Shanghai Composite Index tumbled 1.10 percent, or 26.23 points to 2,349.54, registering its biggest weekly loss in three months. Turnover was 74.1 billion yuan (US$11.7 billion), the lowest level since March 1.
China United Network Communications, the country's second-largest mobile operator and also known as China Unicom, shed 1.32 percent to 4.48 yuan after the telecom giant reported profit below analyst estimates.
Agricultural Bank of China also announced worse-than-expected profit. The lender's net income in the fourth quarter fell 14 percent to 21.2 billion yuan from the previous quarter, according to its earnings report. The lender's shares edged down 0.38 percent to 2.64 yuan at the trading close.
Investors are worried that China's economic slowdown is hurting company earnings. "The market tends to weaken, and heavyweight stocks might drag down the key index," said Zhang Hanshi, an analyst at Everred Securities. And in Zhang's opinion, the central bank will cut the reserve requirement again.
Gold prices fell on a dimmed demand outlook amid the slowing global economy, as manufacturing gauges for China, Germany and France all fell, according to Markit Economics. Spot gold capped a second-weekly loss after touching US$1,628.22, the lowest level in more than two months.
Zijin Mining Group Co, China's biggest gold miner, lost 2.48 percent to 4.32 yuan. Shandong Gold Mining Co, slumped 3.15 percent to 33.84 yuan. Eastern Gold Jade Co plunged 6.2 percent to 13 yuan.
"Property stocks are experiencing significant pressure, it's very hard for them to rebound," said Zhang.
The Securities Journal reported an average jump of 80.31 percent in 18 listed property developers' interest expenses, according to their 2011 annual reports.
Property developers were among the worst performers in today's trade. China Vanke Co, retreated 1.34 percent to 8.12 yuan. Poly Real Estate Group Co, lost 1.4 percent to 10.6 yuan.
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