Trina Leads Decline in NY Benchmark Index: China Overnight
Dec. 28 (Bloomberg) -- Chinese equities listed in the U.S. retreated from a one-week high, led by a drop in solar stocks, after a government report showed industrial companies’ profit growth slowed to the weakest pace in at least 10 months.
The Bloomberg China-US 55 Index slumped 0.3 percent to 95.48 as trading closed in New York. Trina Solar Ltd. and Suntech Power Holdings Co., the world’s largest maker of silicon-based solar panels, sank the most on the gauge on speculation increasing competition will further erode profits. Online-game operators Shanda Games Ltd. and Changyou.com Ltd. lost more than 3 percent, the most among Internet companies.
Net income at industrial companies increased 24.4 percent in the first 11 months of 2011 from a year earlier, China’s National Bureau of Statistics said on its website yesterday. That’s down from 25.3 percent gain in the first 10 months and 27 percent in the first three quarters. Profits for state-owned enterprises last month declined 14.2 percent from a year ago.