Leo Zhang/Shanghai Daily news

Shanghai shares nudged up yesterday amid a lastminute buying spree after a three-day losing streak. Weak profit results released by companies caused the market to decline during early trading.
The Shanghai Composite Index, which groups yuan-denominated A shares and foreign-currency B shares, closed at 1,097.78, up 0.06 percent, after touching an intraday low of 1,087.48.
The A-share index inched 0.06 percent higher to 1,154.09 and the B-share index eased 0.49 percent to 60.07.
“Profit margins of companies were cut somewhat this year by the government’s macroeconomic policies, which investors worry may further dent the bottom line,” said Liu Yu, an analyst at Orient Securities Co. “The market picked up in late trading as bargainhunting took hold.”
China’s 761 listed firms, which have unveiled thirdquarter results, posted a meager 3.54 percent rise on average in net profit for the period, the China Securities Journal said yesterday, citing data from separate corporate filings. Yet, their average revenue jumped 20.2 percent year on year, the report said.
Yanzhou Coal Mining Co, the country’s biggest listed coal company, dived 2.74 percent to 6.03 yuan (74 US cents). The company said profit for July to September tumbled 55 percent to 385 million yuan on higher operational costs and shrinking
production.
Shanghai Electric Power Co, which supplies a third of the city’s electricity, edged up 0.20 percent to close at 5.09 yuan after losing as much as 0.60 percent. The company said third-quarter net income plunged 41 percent from a year ago to 76.8 million yuan as coal prices climbed.
Shanghai Automotive Co, the listed unit of China’s biggest carmaker, skidded 9.46 percent to 3.35 yuan after posting a 9 percent drop in profit for the third quarter.
The firm said its parent has started to spend 348 million yuan to buy shares on the bourse to boost the price.