Related News
Stocks rise on rally in financials, property
By Lu Nengneng |
March 30, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index rose today, snapping out of a three-day losing streak as financial blue chips and property heavyweights strengthened.
The key benchmark Shanghai Composite Index jumped 0.47 percent to 2,262.79 points, easing the week's losses to 3.69 percent, which is the biggest since last December. Turnover stood at 56 billion yuan (US$ 8.9 billion).
This is the fourth consecutive week of losses. The index has lost nearly two-thirds of its gains from the previous seven-week rally since the market tumbled as worries over China's economic prospects intensified. Speculation are growing 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 advanced today following the earnings growth reported by major players yesterday. Industrial and Commercial Bank of China, the world's largest bank by market value, saw its net earnings increase 25.55 percent last year, and added 1.17 percent to 4.33 yuan at the closing. Bank of China, the world's fourth biggest, rose 2.06 percent to 2.98 yuan after posting a 18.93 percent rise in profits.
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 4.54 percent to 11.29 yuan.
The market will remain closed until April 4th due to holidays.
The key benchmark Shanghai Composite Index jumped 0.47 percent to 2,262.79 points, easing the week's losses to 3.69 percent, which is the biggest since last December. Turnover stood at 56 billion yuan (US$ 8.9 billion).
This is the fourth consecutive week of losses. The index has lost nearly two-thirds of its gains from the previous seven-week rally since the market tumbled as worries over China's economic prospects intensified. Speculation are growing 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 advanced today following the earnings growth reported by major players yesterday. Industrial and Commercial Bank of China, the world's largest bank by market value, saw its net earnings increase 25.55 percent last year, and added 1.17 percent to 4.33 yuan at the closing. Bank of China, the world's fourth biggest, rose 2.06 percent to 2.98 yuan after posting a 18.93 percent rise in profits.
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 4.54 percent to 11.29 yuan.
The market will remain closed until April 4th due to holidays.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
