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Shares decline 2.9% on earnings concerns

(China Daily)
Updated: 2009-04-23 07:46

The mainland stocks slid 2.94 percent in heavy trade yesterday for their second-biggest drop in six weeks, led by energy and resource shares that pulled back after recent gains.

The Shanghai Composite Index closed at 2461.346 points, after cracking through support at the psychologically key 2500 point level that had held in recent sessions.

Turnover in Shanghai A shares rose to 177.1 billion yuan, the third heaviest this year, from Tuesday's 154.6 billion yuan.

Related readings:  Chinese shares down 2.94% on profit taking  Stocks slip 0.85% on fresh crisis concerns  Hong Kong stocks close 2.95% lower  Chinese shares slip 0.85% on financials, resources

Shenhua Energy lost 4.26 percent to 22.72 yuan while Western Mining tumbled its 10 percent daily limit to 13.72 yuan.

The index held just above its 250-day moving average, now at 2438 points, which had offered stiff resistance before a rally at the start of last week and was now expected to provide firm support.

Analysts said they nevertheless expected the index to remain sluggish as it consolidated its recent rally. Despite yesterday's loss, it is up more than 35 percent this year.

Shares of several companies also slid after they forecast losses, with Sinolink Securities sinking its 10 percent daily limit to 38.32 yuan after saying its first-quarter net profit fell 72 percent year-on-year.

Shenhuo Coal Industry and Electricity Power sagged its 10 percent daily limit to 24.92 yuan after estimating its net profit in the first half would drop 50 to 100 percent.

China United Telecommunications Co, which has said it would launch 3G services on May 17, jumped 3.13 percent to 6.27 yuan.

"The outlook for China's 3G market is very promising and investors expect it could have a strong start in May," said Huatai Securities analyst Chen Huiqin.

Quanjude, a Beijing-based restaurant chain, jumped 6.63 percent to 31.03 yuan after media reports that it may benefit from a local government scheme to promote dining out.

HK stocks down

Hong Kong shares shed 2.7 percent, to finish at a two-week low yesterday.

The benchmark Hang Seng Index ended 407.44 points lower at 14878.45.

HSBC retreated 1.7 percent, adding to Tuesday's steep losses as doubts emerged about credit quality deterioration at US banks.

Meanwhile, emerging markets-focused lender Standard Chartered jumped 5.6 percent after Goldman Sachs rated the stock a buy, making a "right time, right place, right moves, right price" argument for the stock.

The China Enterprises Index of top mainland companies was 3.5 percent lower at 8721.25.

Reuters