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Stock snap out of losing streak in early trade
By Lu Nengneng |
March 30, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose in the morning trade as the market consolidated after three straight days of losses.
The key benchmark Shanghai Composite Index jumped 0.35 percent to 2,259.94 points. Turnover stood at 28.6 billion yuan (US$ 4.5 billion).
The index has lost nearly two-thirds of its gains from the previous seven-week rally after the market turbulence started four weeks ago. Worries over China's economic prospects began to intensify following mounting speculation that China's gross domestic product growth may continue to slow down in the first quarter and the inflation rate may rebound.
The banking sector strengthened in the morning after major players – Industrial and Commercial Bank of China and Bank of China – yesterday said that their net earnings increased 25.55 percent and 18.93 percent respectively last year. The former, the world's largest bank by market value, added 0.7 percent to 4.31 yuan while the latter, the world's fourth biggest, rose 1.03 percent to 2.95 yuan.
Property developers also rallied after previous overselling. China Vanke, the country's biggest property developer, advanced 1.34 percent to 8.3 yuan. Poly Real Estate gained 2.59 percent to 11.8 yuan.
The key benchmark Shanghai Composite Index jumped 0.35 percent to 2,259.94 points. Turnover stood at 28.6 billion yuan (US$ 4.5 billion).
The index has lost nearly two-thirds of its gains from the previous seven-week rally after the market turbulence started four weeks ago. Worries over China's economic prospects began to intensify following mounting speculation that China's gross domestic product growth may continue to slow down in the first quarter and the inflation rate may rebound.
The banking sector strengthened in the morning after major players – Industrial and Commercial Bank of China and Bank of China – yesterday said that their net earnings increased 25.55 percent and 18.93 percent respectively last year. The former, the world's largest bank by market value, added 0.7 percent to 4.31 yuan while the latter, the world's fourth biggest, rose 1.03 percent to 2.95 yuan.
Property developers also rallied after previous overselling. China Vanke, the country's biggest property developer, advanced 1.34 percent to 8.3 yuan. Poly Real Estate gained 2.59 percent to 11.8 yuan.
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