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People's Daily Online>>China Business

Chinese stocks close down Tuesday


19:14, December 20, 2011

BEIJING, Dec. 20 (Xinhua) -- Chinese stocks closed lower Tuesday after China's state-owned enterprises (SOEs) posted worse-than-expected profits.

The benchmark Shanghai Composite Index dropped 0.1 percent, or 2.31 points, to close at 2,215.93.

The Shenzhen Component Index slid 0.25 percent, or 22.41 points, to finish at 9,031.67.

Combined turnover shrank to 95.45 billion yuan (15.07 billion U.S. dollars) from 100.16 billion yuan the previous trading day.

Losers outnumbered gainers by 495 to 388 in Shanghai and by 837 to 470 in Shenzhen.

China's SOEs reported net profits of 831.79 billion yuan during the first 11 months of 2011, up 3.6 percent year-on-year, the country's SOE regulator said Monday.

The posted growth represented a sharp decrease from the 50.1-percent increase recorded during the corresponding period of 2010. Only 69.5 percent of China's central SOEs posted year-on-year profit increases during the first 11 months of the year.

In Shanghai, 31 of the 50 major SOEs dropped. China COSCO Holdings Co., the country's largest shipping company, dropped 1.52 percent to 5.17 yuan, while Everbright Securities Co. dipped 2.39 percent to 10.21.

Media and entertainment shares were the weakest among all sectors with a drop of 3.05 percent.

Jiangsu Phoenix Publishing and Media Co. dropped 3.73 percent to 9.82 yuan per share, and China Television Media Ltd. declined 4.22 percent to 15.21 yuan.

Cement producers were the largest gainers with the sub-index rising 2.6 percent, after China Cement Association president Lei Qianye said the newly formed Southwest Cement Company will benefit the industry's restructuring.

Jiangxi Wannianqing Cement surged 9.12 percent to 10.05 yuan per share, while Guangdong Tapai Group rose 3.2 percent to 8.7 yuan.

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