Doubts over firms’ profitability jolt investors
Print Edition
SHANGHAI stocks fell yesterday as concerns over the profitability of listed companies arose after China’s economy was shown to have grown at the slowest pace in more than five years.
The Shanghai Composite Index lost 0.56 percent to finish at 2,326.55 points.
“Investors have shifted their focus to market fundamentals after data, including slower investment growth, pointed to economic weakness,” CITIC Securities said in report yesterday
The brokerage said faltering economic fundaments fuelled worries about listed companies’ third-quarter earning reports.
The market also suffered as new share sales diverted funds from existing shares.
Subscriptions opened yesterday for the initial public offerings of three companies — Beijing Strong Biotechnologies, Liaoning Kelong Fine Chemical and Jiangmen Idear-hanyu Electrical Joint-Stock — which plan to raise a total of 1.2 billion yuan (US$196 million).
Pharmaceutical shares fell, with North China Pharmaceutical off 3.9 percent to 6.62 yuan and Kangmei Pharmaceutical down 2.4 percent to 15.90 yuan.
Sichuan Tuopai Shede Wine declined 0.85 percent to close at 14.07 yuan.
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