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Banks lead Shanghai gauge higher
By Lydia Chen |
March 22, 2011, Tuesday
|
Online Edition
Online Edition
SHARES in Shanghai posted modest gains this morning thanks to strong performances among lenders, which rallied over anticipations that their earnings could beat previous expectations.
The Shanghai Composite Index edged up 0.22 percent to 2,915.50. Turnover declined 67.46 billion yuan (US$10.27 billion) from yesterday morning's 72.31 billiojn yuan.
Banks extended yesterday's gains as analysts overweighed the sector given their current low PE levels while profits look attractive.
Industrial & Commercial Bank of China gained 0.69 percent to 4.37 yuan. Shanghai Pudong Development Bank climbed 2.09 percent to 13.21 yuan.
Average profit growth for listed banks could surpass 20 percent both in last year and this year while their average PE level now is only around 10 times, according to a report by Shenyin Wanguo Securities Co.
The brokerage said lenders such as Minsheng Bank, China Construction Bank Corp, Industrial Bank Co and China Merchants Bank could be ideal investments now.
The Shanghai Composite Index edged up 0.22 percent to 2,915.50. Turnover declined 67.46 billion yuan (US$10.27 billion) from yesterday morning's 72.31 billiojn yuan.
Banks extended yesterday's gains as analysts overweighed the sector given their current low PE levels while profits look attractive.
Industrial & Commercial Bank of China gained 0.69 percent to 4.37 yuan. Shanghai Pudong Development Bank climbed 2.09 percent to 13.21 yuan.
Average profit growth for listed banks could surpass 20 percent both in last year and this year while their average PE level now is only around 10 times, according to a report by Shenyin Wanguo Securities Co.
The brokerage said lenders such as Minsheng Bank, China Construction Bank Corp, Industrial Bank Co and China Merchants Bank could be ideal investments now.
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