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Market down on earnings forecast
14/7/2005 8:48

Leo Zhang/Shanghai Daily news

Companies forecasting sluggish half-year financial results caused local shares to dip yesterday.
"Poor earnings prospects made investors trim positions on those stocks," said Liu Yu, an Orient Securities Co analyst.
The Shanghai Composite Index, which groups yuan-denominated A shares and foreign-currency B shares, eased 0.84 percent to 1,037.39.
The A-share Index dropped 0.83 percent to 1,089.82 and the B-share Index fell 1.17 percent at 60.55.
Shandong Gold Mining Co, one of China's three publicly traded gold miners, dived the 10 percent daily limit to close at 7.63 yuan (92 US cents).
The company cut its forecast for first-half net income by about 28 million yuan because of a slowdown in production at two mines.
Yanbian Shixian Bailu Papermaking Co tumbled 8.16 percent to 3.15 yuan.
The Jilin Province-based firm said half-year net profit may drop by more than 50 percent from a year earlier.
Bucking the general downside, carmakers got a lift yesterday after an industry report said the country's car sales rose in the first half of this year.
Shanghai Automotive Co edged up 0.43 percent to 4.66 yuan while Guangzhou Oriental Baolong Automotive Industry Co added 0.78 percent to 3.88 yuan.
Vehicle sales in China grew 9.35 percent from a year earlier to 2.79 million in the first half, said the China Association of Automobile Manufacturers.