日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Make me your Homepage
left corner left corner
China Daily Website

Stocks sink on profit slowdown, audit plan

Updated: 2013-07-29 23:49
By Huang Tiantian and Yang Ziman and Gao Changxin ( China Daily)

Nervous investors drove down the Chinese stock market on Monday, reacting to discouraging news about industrial companies' first-half profit growth and a State Council call for a nationwide audit of local government debt.

The Shanghai Composite Index fell 1.72 percent, or 34.54 points, to 1,976.31 points, the largest single-day fall since July 8. The loss took the benchmark index below the 2,000-point level.

Stocks sink on profit slowdown, audit plan

Many individual investors were upset after China's benchmark stock index dropped below the psychologically important 2,000-point mark again on Monday. The Shanghai Composite Index closed at 1,976.31 points, down 1.72 percent from the previous session. DING TING / XINHUA

The Shenzhen Component Index had an even worse day, sliding 2.23 percent to 7,668.54 points.

The Hang Seng China Enterprises Index fell 1.17 percent.

The National Bureau of Statistics announced over the weekend that industrial profits increased 11.1 percent in the first six months of the year, compared with growth of 12.3 percent a year earlier.

"The modest easing in industrial profit growth comes amid ongoing sluggishness in the manufacturing environment," said Zhu Haibin, the chief economist of JPMorgan Chase & Co. "And it will affect the manufacturing sector."

Reacting to the news, the shipbuilding industry as a group fell by 4.1 percent on Monday, the biggest loss among the boards. Industry leader CSSC Jiangnan Heavy Industry Co Ltd was down 9.71 percent in the afternoon session.

The market was also undermined by news that the central government ordered the National Audit Office to conduct a review of local government borrowings. Banks in particular took a hit on the development.

Bank of China Ltd, China Construction Bank Corp, Industrial and Commercial Bank of China Ltd and Agricultural Bank of China Ltd lost 1.5 percent, 1.86 percent, 0.51 percent and 1.61 percent, respectively.

"Railway and property shares will bear the brunt of Beijing's latest round of local government debt audits," said Yang Shaohua, an A-share strategist with Shenyin & Wanguo Securities Co Ltd.

"That's because most of the funds raised by local government financing platforms went to the two sectors. Industries in the upstream of the two sectors will also be affected, including cement and steel," said Yang.

"The audit is Beijing's effort to get a full picture of the country's debt problems as it tries to speed up structural reforms," Yang said.

According to the audit office, the last audit, released in 2011, showed local government debts of 10.7 trillion yuan ($1.75 trillion) as of the end of 2010.

The impact of the audit on the equity market will be short-term.

"Overall, the A-share market has yet to hit bottom. Investors are demanding a higher risk premium in the face of government reforms, which has helped render the most significant slowdown in China in decades," Zhu added.

The Growth Enterprise Market, which saw "an irrational rally" earlier this year, presents the greatest downside risk, Yang said.

Shares of large-cap companies on the main board have already priced in 70 percent of the risks, whereas shares of many small-cap companies have stayed buoyant.

"Shares on the (growth market) are expected to take a hit in the second half. The biggest risk in the second half lies with liquidity," Yang added.

 
...
...
...
主站蜘蛛池模板: zjzjzjzjzj亚洲女人| 伊人情人综合 | 日韩美女一区二区三区 | 欧美日韩在线影院 | 成人p站在线观看 | 成人在线三级 | 超碰色偷偷 | 久久免费在线 | 日韩欧美中文字幕在线观看 | 爱草av| 午夜三级视频 | 久久成人一区 | 国产激情视频一区 | 天天激情站 | 日本综合久久 | 免费黄色观看 | 中文字幕亚洲精品在线 | 国产一区二区三区三州 | 亚洲国产精品综合 | 日韩欧美一卡 | a视频在线免费观看 | 亚洲成年人在线 | 日韩精品免费视频 | 亚洲男人网 | 久久av在线| 自拍偷拍综合 | 欧美在线一 | 99在线精品视频 | 在线免费观看毛片 | 亚洲欧美在线播放 | 欧美色图在线视频 | 国产黄色一级大片 | 免费高清毛片 | 日韩有码在线观看 | 久久cao| 黄色91免费 | 久久a毛片 | 女同一区二区三区 | 欧美日韩一区二区在线播放 | 国产一区二区三区视频免费观看 | 日韩成人精品在线 |