Banks help key index end week higher
By Lydia Chen |
January 8, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday rose for the first time in three days, boosted by banks whose recent performances have been considered a laggard taking into account their bullish prospects for profit.
The Shanghai Composite Index gained 0.52 percent, or 14.6 points, to 2,838.8. Turnover climbed to 137.2 billion yuan (US$20.73 billion) from Thursday's 114.3 billion yuan.
For the first week of 2011 the index gained 1.09 percent after a 14 percent fall last year.
"Putting money in banks and real estate sectors this year is a good move," said Chen Ruiming, an analyst with Haitong Securities. "They are now at relatively low prices after having been gloomy for nearly a whole year. However, this year, as policies targeted at these financial industries are expected to loosen a little, investments in these stocks will be good."
The Industrial and Commercial Bank of China, the country's biggest lender, hiked 3.37 percent to 4.30 yuan.
China Minsheng Banking Corp, the nation's first private lender, was suspended from trading yesterday as sources said the bank is planning to raise 20 billion yuan in a share sale in Shanghai to replenish capital.
Real estate developers rallied as a report by Soufun Holdings Ltd showed housing prices rose 37.1 percent in Beijing and 13.4 percent in Shanghai in 2010 from a year earlier. A report by Shanghai Existing House Index Office also supported the earnings prospects of developers as the city's existing housing index rose for the fourth consecutive month in December amid recovering sentiment among home buyers.
Poly Real Estate Group Co added 0.1 percent to 14.39 yuan.
The Shanghai Composite Index gained 0.52 percent, or 14.6 points, to 2,838.8. Turnover climbed to 137.2 billion yuan (US$20.73 billion) from Thursday's 114.3 billion yuan.
For the first week of 2011 the index gained 1.09 percent after a 14 percent fall last year.
"Putting money in banks and real estate sectors this year is a good move," said Chen Ruiming, an analyst with Haitong Securities. "They are now at relatively low prices after having been gloomy for nearly a whole year. However, this year, as policies targeted at these financial industries are expected to loosen a little, investments in these stocks will be good."
The Industrial and Commercial Bank of China, the country's biggest lender, hiked 3.37 percent to 4.30 yuan.
China Minsheng Banking Corp, the nation's first private lender, was suspended from trading yesterday as sources said the bank is planning to raise 20 billion yuan in a share sale in Shanghai to replenish capital.
Real estate developers rallied as a report by Soufun Holdings Ltd showed housing prices rose 37.1 percent in Beijing and 13.4 percent in Shanghai in 2010 from a year earlier. A report by Shanghai Existing House Index Office also supported the earnings prospects of developers as the city's existing housing index rose for the fourth consecutive month in December amid recovering sentiment among home buyers.
Poly Real Estate Group Co added 0.1 percent to 14.39 yuan.
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