国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Economy

Markets

Industries

Insights

Reports

Events

Stocks end week lower on oil price concerns

(Xinhua)
Updated: 2008-08-22 15:58

Chinese equities fell for a second consecutive day on Friday, led lower by transport and oil companies as rising world crude oil prices renewed concerns that higher fuel costs would erode corporate earnings.

The benchmark Shanghai Composite Index fell 1.09 percent, or 26.49 points, to close at 2,405.23. In Shenzhen, the market dropped 1.71 percent, or 141.35 points, to close at 8,101.68.

Aggregate turnover shrank to 52.65 billion yuan ($7.71 billion), from Thursday's 68.4 billion yuan.

Losses outnumbered gains by 606-194 in Shanghai and 544-122 in Shenzhen.

Transport and oil companies declined after world crude oil prices gained for three straight days.

Crude for October delivery surged 4.9 percent to $121.18 a barrel on Thursday, the biggest increase since June 21 on the New York Mercantile Exchange.

PetroChina, the country's largest oil company, fell 1.53 percent to 13.49 yuan while Sinopec, Asia's top oil refiner, lost 1.28 percent to 9.99 yuan. China Ocean Shipping Company, the country's leading shipping and logistics service provider, shed 1.67 percent to 14.72 yuan.

Airline shares gained, however, led by Shanghai Airlines, in response to the news that the company would reconsider a merger with domestic rival China Eastern Airlines. Airline shares also got a lift on the prospect of strong demand during the Olympics, which ends this weekend, analysts said.

Shanghai Airlines surged 8.1 percent to 5.07 yuan, China Eastern gained 2.42 percent to 5.5 yuan and Air China rose 0.64 percent to 6.33 yuan.

Shanghai-based equities advanced, boosted by a report that the Shanghai state-owned assets regulator would speed up securitization of state-owned assets and restructuring of state-owned enterprises.

Shares of Shanghai Sanmao, Shanghai Potevio and Highly Group all gained by the daily limit of 10 percent to close at 6.79 yuan, 7.87 yuan and 5.97 yuan, respectively.

The July tax revenue report released late Thursday increased concerns about an economic slowdown in the second half, exacerbating the negative market sentiment, analysts said.

Tax revenue rose 13.8 percent in July to 532.33 billion yuan, but the growth rate was 19.3 percentage points lower than a year earlier, the Ministry of Finance said. Meanwhile, corporate income tax revenue totaled 149.64 billion yuan, down 4.2 percent year-on-year, compared with an increase of 42.9 percent last July.

The ministry attributed the declines to shrinking corporate profit margins, squeezed by yuan appreciation and rising raw material and fuel costs.

Banking shares declined as investors worried about banks' profitability in the second half amid economic uncertainties. The Industrial and Commercial Bank of China (ICBC) and Bank of China were the only two stocks that gained in the sector.

ICBC, the country's biggest lender, rose 1.47 percent to 4.83 yuan, in response to its strong profit report on Thursday. Bank of China edged up 0.82 percent to 3.68 yuan.