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Slower profit growth hurts stocks in Shanghai

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factory_3 December 27, 2011 (Chinavestor) Slower corporate profit growth for the first 11 months of the year sent China stocks back to 52 week lows on Tuesday. The Shanghai Composite Index (SHA:000001) fell 23.9 points or 1.1% in a light trade while Hong Kong observed a Christmas Holiday. Profit of Chinese companies grew 24.4% in the first 11 months of 2011 from last year, a pace slower than a 25.3% growth recorded in 2010. Slowing European exports and a housing slump at home is to blame for slower corporate profit growth.

SAIC Motor (SHA:600104), China's largest car maker, fell the hardest among the largest components of the Shanghai Composite Index (SHA:000001) as demand for autos fell after government subsidies expired earlier the year. China COSCO (SHA:601919), the largest container shipper of the country, declined 3.4% on uncertain export outlook. Poly Real Estate (SHA:600048), the largest Shanghai listed real estate developer, fell 3.2% as the property marekt remained under pressure.

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