Shanghai shares slide 1.97% to end bad month

By Ding Yining  |   2008-10-31  |     ONLINE EDITION

THE Shanghai market dropped today to end a bad month on a sour note.

The benchmark Shanghai Composite Index tumbled 1.97 percent, or 34.82 points, to 1,728.79 points. Turnover was 25.9 billion yuan (US$3.79 billion). Losers outnumbered gainers 656 to 199 and 53 did not change. The index lost 23.11 percent, or 530.18 points, in October.

The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.44 percent to 470.91 points. Turnover was 11.1 billion yuan.

A total of 1,624 listed companies have filed their third quarter financial reports to either the Shanghai or Shenzhen stock exchanges. Net income increased an average of 7.11 percent from the same period last year. More than 85 percent of total companies reported earnings in the first three quarters of 2008 but growth was slower from the same period of last year.

PetroChina, the biggest index component, lost 2.07 percent to 10.40 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, slumped 4.26 percent to 6.75 yuan.

The financial sector reversed yesterday's gain. Haitong Securities tumbled 6.59 percent to 18.44 yuan. China Life Insurance Co fell 4.17 percent to 18.39 yuan. Shanghai Pudong Development Bank dived 3.53 percent to 11.74 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, dipped 0.28 percent to 3.62 yuan. China Merchants Bank Co, the nation's fifth-largest bank by market value, lost 3.94 percent to 11.69 yuan.

Coal mining companies and electricity generators suffered losses due to surging coal prices in the first half of this year.

Anhui Hengyuan Coal Indeustry and Electricity Power Co Ltd lost 4.69 percent to 8.95 yuan. Shangxi Coking Co Ltd dropped 4.55 percent to 4.20 yuan. Huadian Energy Co Ltd lost 1.36 percent to 2.17 yuan. Huadian Power International Co Ltd posted a loss of 0.87 billion yuan in the third quarter. Its shares edged up 0.95 percent to 3.19 yuan.