Worried investors send key index lower
By Ye Zhen |
October 26, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks fell to the lowest level in more than a week yesterday amid concerns about poor corporate earnings and China's economy.
The Shanghai Composite Index lost 0.68 percent to end at 2,101.58 points, the lowest level since October 16.
Concerns about weak corporate earnings deepened ahead of a wave of third-quarter reports due out this week and next. The China Securities Journal reported the combined earnings of 649 listed firms that have unveiled their reports as of October 24 shrank 2.5 percent annually from January to September.
There were also uncertainties about the health of China's economy as a leading economic indicator for China rose 0.3 percent in September, down from a 1.7 percent rise in August and a 0.7 percent gain in July, according to the Conference Board China Center in Beijing.
Guizhou Panjiang Refined Coal Co tumbled 9.3 percent to 15.46 yuan (US$2.48) as the company's net-profit in the third quarter dropped 60.6 percent annually due to declining coal prices.
The Shanghai Composite Index lost 0.68 percent to end at 2,101.58 points, the lowest level since October 16.
Concerns about weak corporate earnings deepened ahead of a wave of third-quarter reports due out this week and next. The China Securities Journal reported the combined earnings of 649 listed firms that have unveiled their reports as of October 24 shrank 2.5 percent annually from January to September.
There were also uncertainties about the health of China's economy as a leading economic indicator for China rose 0.3 percent in September, down from a 1.7 percent rise in August and a 0.7 percent gain in July, according to the Conference Board China Center in Beijing.
Guizhou Panjiang Refined Coal Co tumbled 9.3 percent to 15.46 yuan (US$2.48) as the company's net-profit in the third quarter dropped 60.6 percent annually due to declining coal prices.
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