Banks drive stocks to end up
By Pan Xiaoyi |
July 7, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stock market gained the most in two weeks yesterday as banks performed strongly on speculation the Chinese government will support market liquidity before the initial public offering of the Agricultural Bank of China.
The Shanghai Composite Index climbed 1.92 percent, or 45.48 points, to close at 2,409.42. Turnover rose to 55.6 billion yuan (US$8.2 billion) from 43 billion yuan on Monday.
Central Huijin Investment Co, an arm of China's sovereign wealth fund, said it would participate in the rights issue of the Bank of China.
"This will help ease the liquidity pressure from large fundraising plans by lenders," said Wang Fan, an analyst at Donghai Securities Co.
He noted that there were signs the government aimed to "ensure relatively sufficient capital to bolster the IPO of the Agricultural Bank of China."
The Bank of China added 3.3 percent to 3.48 yuan. Shanghai Pudong Development Bank rose 2.2 percent to 13.83 yuan and China Merchants Bank gained 2.7 percent to 13.13 yuan.
Real estate developers got a boost after China Vanke Co, the country's largest property firm by market value, said first-half sales grew 19.5 percent from a year ago to 36.8 billion yuan. It gained 1.2 percent to 7.06 yuan in Shenzhen.
Shanghai Lujiazui Finance and Trade Zone Development Co rose 3.6 percent to 16.93 yuan. Shanghai Waigaoqiao Free Trade Zone Development Co added 6.3 percent 11.49 yuan.
Citic Securities Co climbed 1.6 percent to close at 11.6 yuan after saying it will invest 2.2 billion yuan in its investment subsidiary Goldstone Investment.
The Shanghai Composite Index climbed 1.92 percent, or 45.48 points, to close at 2,409.42. Turnover rose to 55.6 billion yuan (US$8.2 billion) from 43 billion yuan on Monday.
Central Huijin Investment Co, an arm of China's sovereign wealth fund, said it would participate in the rights issue of the Bank of China.
"This will help ease the liquidity pressure from large fundraising plans by lenders," said Wang Fan, an analyst at Donghai Securities Co.
He noted that there were signs the government aimed to "ensure relatively sufficient capital to bolster the IPO of the Agricultural Bank of China."
The Bank of China added 3.3 percent to 3.48 yuan. Shanghai Pudong Development Bank rose 2.2 percent to 13.83 yuan and China Merchants Bank gained 2.7 percent to 13.13 yuan.
Real estate developers got a boost after China Vanke Co, the country's largest property firm by market value, said first-half sales grew 19.5 percent from a year ago to 36.8 billion yuan. It gained 1.2 percent to 7.06 yuan in Shenzhen.
Shanghai Lujiazui Finance and Trade Zone Development Co rose 3.6 percent to 16.93 yuan. Shanghai Waigaoqiao Free Trade Zone Development Co added 6.3 percent 11.49 yuan.
Citic Securities Co climbed 1.6 percent to close at 11.6 yuan after saying it will invest 2.2 billion yuan in its investment subsidiary Goldstone Investment.
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