The china men at the Hang sang stock exchange , Shanghai stock exchange and Shenzhen stock exchanges are standing with their hands on their heads for the past few days pondering when the market will rise again , as the recent slump in the Chinese stock market gives them the jitters.
A 20 percent plunge has not only brought back the reality of them touching the bear phase again , but is also giving their neighboring economic giants India a very nervous look on their faces as they suffer the slump as well in relation to their neighbors falling stock market.
China Securities Journal reported today that 879 listed companies on the Shanghai and Shenzhen stock exchanges had posted their first-half results as of Thursday, reporting 114.3 billion yuan ($16.73 billion) in combined profits, down 18 percent from the 140.6 billion yuan recorded a year earlier.
Shanghai Stock Exchange’s Top 10 stocks
- PetroChina (3,656.20 billion)
- Industrial and Commercial Bank of China (1,417.93 billion)
- Sinopec (961.42 billion)
- Bank of China (894.42 billion)
- China Shenhua Energy Company (824.22 billion)
- China Life (667.39 billion)
- China Merchants Bank (352.74 billion)
- Ping An Insurance (272.53 billion)
- Bank of Communications (269.41 billion)
- China Pacific Insurance (256.64 billion)
In the first half of 2009, revenues of the 879 companies reached about 1.54 trillion yuan, compared with 1.64 trillion yuan in the same period last year.
Steelmakers and non-ferrous companies’ first-half profits fell most among listed companies, with Angang Steel Company Ltd reporting a loss of 1.563 billion yuan. Jigang Group, Laigang Group, Yunan Copper Co Ltd posted 100 million yuan in losses each.
In contrast, companies engaged in finance, coal and liquor sectors recorded better performances as Bank of Communications topped the earnings list with first-half profit of 15.5 billion yuan.
China has 1,678 listed companies and they must release their first-half reports by August 31, according to Securities Association of China
World markets are looking for some signs of market recovery in china that will bolster other markets to recovery as well.
china stock market Update :
The benchmark Shanghai Composite Index rose 4.52 percent, or 126.00 points, to finish at 2,911.58. The Shenzhen Component Index rose 3.91 percent, or 438.43 points, to end at 11,648.35.
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