综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Economy

Markets

Industries

Insights

Reports

Events

Slowing profit growth preoccupies investors

(China Daily/Agencies)
Updated: 2008-10-15 14:14

China's stock market fell yesterday, greatly underperforming other markets in the region for a second straight day, as worries about slowing corporate profit growth outweighed an easing of the global financial panic.

The Shanghai Composite Index, which had opened yesterday 3.16 percent higher, closed down 2.71 percent at 2017.321 points in moderate turnover.

It far underperformed the MSCI index of Asia-Pacific stocks outside Japan, which was up over 6 percent after governments in the United States and Europe pledged to pour money into struggling banks.

China outperformed other Asian markets last week because of a Chinese government scheme to support stocks, including purchases of shares from the market.

But analysts said there was concern that while the government might try to keep the Shanghai index above the psychologically important level of 2000 points, it might not take further steps to push the market up. Meanwhile, investors fear poor corporate earnings growth as the Chinese economy slows.

Banks were particularly weak yesterday, with Industrial & Commercial Bank of China, the biggest bank, down 3.26 percent at 4.16 yuan.

"Third-quarter earnings don't seem very good, and the market is very sensitive. So people are taking profits," said Chen Huiqin, analyst at Huatai Securities. Companies are announcing third-quarter earnings through the end of this month.

Turnover in Shanghai A shares expanded to one-week high of 53.2 billion yuan yesterday from 41.8 billion yuan on Monday, but it was moderate compared to levels early this year. Losing Shanghai A stocks outnumbered gainers by 774 to 150.

The average premium of mainland-listed A shares over Hong Kong-listed H shares in the same Chinese companies hit six-month highs above 40 percent last week as the mainland market temporarily outperformed the region.

Some investors feel uncomfortable with premiums at such high levels. The average premium, which fluctuated around 20 percent in August and September, dropped to 23 percent yesterday.

Brokerage shares were big losers after Guoyuan Securities said its net profit shrank 76 percent to 448.7 million yuan in the first nine months of this year because of the market's slump during that period.

Among gainers, non-ferrous metals shares were particularly strong as global metals and energy prices rose on hopes that an easing of the financial crisis would support demand for resources.