|
BEIJING, Oct. 31 (Xinhua) -- Chinese shares dropped 1.56 percent in morning trade session Friday after more listed firms reported weak third-quarter profits.
The benchmark Shanghai Composite Index closed at 1,765.68 points, down 27.50 points or 1.56 percent from the previous finish.
The smaller Shenzhen Component Index ended at 5,887.90 points, down 68 points, or 1.15 percent.
Third-quarter profits of China's 1,466 listed companies fell 10.17 percent from the same period a year ago to 206.09 billion yuan (30.14 billion U.S. dollars), down 18.41 percent from the previous month, according to estimates in China Securities News on Friday.
Operating net cash flow fell 51.75 percent to 827.4 billion yuan in the first three quarters. Analysts said rising material costs and weakening demand led to the slumping profit.
The country's industrial output value growth slowed to 11.4 percent in September, the lowest since April 2002, the National Development and Reform Commission said on Thursday.
Systematic risks still existed as the financial crisis began to take a toll on all sectors of economy. The profitability of China's manufacturing enterprises would continue to weaken due to excessive production, the Shanghai-based Shenyin Wanguo Securities said in a report.
Heavyweights led the fall. China Construction Bank dropped 1.55percent to 3.80 yuan, and China Merchants Bank fell 4.44 percent to 11.63 yuan. China Life, the country's largest life insurer, closed 3.91 percent down to 18.44 yuan.
PetroChina, Asia's biggest oil producer, retreated 1.04 percent to 10.51 yuan. Sinopec, the nation's largest oil refiner, closed at 6.83 yuan, down 3.12 percent.
Gainers outnumbered losers by 668 to 173 in Shanghai and 579 to133 in Shenzhen. |
