October 29, 2024 at 03:45 am EDT
(MT Newswires) -- Chinese stocks retreated on Tuesday following news that the country's state-owned enterprises, excluding financial companies, logged lower profits during the first nine months of 2024.
The Shanghai Composite Index, the main gauge of Chinese stocks, fell 1.08%, or 35.79 points, to 3,286.41. The Shenzhen Component Index slipped 1.33%, or 142.56 points, to 10,543.33.
Combined profits of China's state-owned enterprises, excluding state-owned financial enterprises, declined 2.3% to 3.25 trillion yuan despite revenues inching up 1.2% year over year to 61.06 trillion yuan.
Meanwhile, China's power demand is seen to increase faster than expected in 2024 by 7% to 9.9 trillion kilowatt-hours on the heels of heat waves and the effects of Beijing's economic stimulus, Reuters reported Tuesday citing the China Electricity Council's quarterly report.
In corporate news, Laplace New Energy Technology (SHA:688726) closed 286% at 67.91 yuan on its first day of trading on the Shanghai Stock Exchange. The company set its IPO price at 17.58 yuan.
Elsewhere, China Petroleum & Chemical or Sinopec's (SHA:600028) Shanghai shares dipped 3% after its third-quarter profit halved to 8.54 billion yuan in the third quarter from 17.9 billion yuan in the year-ago period.

Sumber : MT Newswires