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SOE profits down, stocks fall

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decline3 March 20, 2012 (Chinavestor) Stocks fell in China on Tuesday after data showed that profits fell for state-owned enterprises or SOE in the first two months of the year. Beijing lifted gas prices at the pump on Monday, rising costs for freight companies. All told the Hang Seng Index (INDEXHANGSENG:.HSI) fell 227.0 points or 1.1% after a 202 points drop a day before. The Shanghai Composite Index (SHA:000001) eked out some gains on Monday but fell 33.3 points or 1.4% on Tuesday following the news.

China Shipping Development (HKG:1138) fell the most among components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI). Rising fuel prices and slower European export demand are behind the slide. China Cosco (HKG:1919), the largest cvontainer shipper in China, fell 5.6% as well. Higher gas prices hurt airliners, China Southern Airliners (HKG:1055), the largest Chinese carrier by fleet size, fell 3.5%.

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