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Stocks inch down on energy, metals earnings
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SHANGHAI stocks inched down today, as heavily weighted energy and metals stocks declined on poor earnings, overshadowing the gains of financial counters after the government said it would expand a pilot program of credit assets securitization.
The key Shanghai Composite Index shed 0.19 percent to 2,097.23 points. Daily turnover was 105.3 billion yuan (US$17.3 billion).
Shanxi Lu'an Environmental Energy Development Co led the decline of coal producers, falling 3.9 percent to 13.16 yuan, after reporting a 48 percent slump in its first-half net profits. Shanxi Lanhua Sci-Tech Venture Co declined 3.4 percent to 13.63 yuan.
Jiangxi Copper Co Ltd dropped 3.4 percent to 17.09 yuan after the company said its net profits dropped 52 percent to 1.24 billion yuan in the first six months this year.
Concern about the oversupply of shares also sent the market lower.
Data from Southwest Securities Co showed a total of 191 billion yuan of non-tradable shares will be allowed to circulate on the Shanghai and Shenzhen exchanges in September after they were released from lock-up periods, an increase of 26.4 percent from a month earlier.
The value of non-tradable shares to be unlocked in September marks the third-highest level within the year, according to the brokerage.
“We are cautious about A-share performance in the following month as the massive unlocking of non-tradable shares will hurt market sentiment,” said Bao Weijun, analyst with Soochow Securities.
China will further expand the pilot program for credit asset securitization to better allocate capital and activate existing credits to invigorate the real economy, according to a statement released yesterday after a State Council meeting chaired by Premier Li Keqiang.
High quality asset-backed securities products could be traded on the stock exchange to speed up cash flow for lenders and provide more options for investors, the statement said.
Haitong Securities gained 0.9 percent to 11.31 yuan. Sinolink Securities Co rose 1.6 percent to 12.65 yuan.
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