Related News
Banks lift Shanghai index on strong earnings
By Ye Zhen |
August 17, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI shares ended slightly higher today, lifted by heavily-weighted bank stocks, as investors speculated the government may take steps to boost economy during the weekend.
The benchmark Shanghai Composite Index inched up 0.13 percent, or 2.69 points to 2,114.89 points. Turnover was 39.2 billion yuan (US$6.2 billion) at the trading close. For the week, the index lost 2.49 percent.
Speculation is renewed that policymakers are likely to loosen policy this weekend, after Premier Wen Jiabao said there's growing room for monetary policy tools as inflation eased.
Bank stocks gained after several lenders reported strong gains in first-half profit. Ping An Bank Co rose 1 percent to close at 15.06 yuan, after it posted a first-half net profit growth of 43 percent from a year earlier.
Shanghai Pudong Development Bank Co added 0.3 percent to 7.55 yuan as the company's first-half net profit increased 33 percent annually. An annual growth of 42 percent in first-half net profit sent Hua Xia Bank Co 1.1 percent higher to finish at 8.82 yuan.
Shandong Gold Mining Co advanced among gold miners after it reported a 34 percent annualized growth in first-half profit. Zijin Mining Group Co, the nation's largest gold producer, increased 1.1 percent to 3.83 yuan. Zhongjin Gold Corp climbed 1.2 percent to 21.94 yuan.
Distilleries slumped. Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 4 percent to 229.62 yuan. Sichuan Tuopai Shede Wine Co tumbled 3.1 percent to 32.87 yuan. Shanxi Xinghuacun Fen Wine Factory Co slumped 3.6 percent to 37.31 yuan.
Analysts expect distilleries to face high pressure of destocking in the second half year due to a flagging economy and limitation on government reception expenditure.
The benchmark Shanghai Composite Index inched up 0.13 percent, or 2.69 points to 2,114.89 points. Turnover was 39.2 billion yuan (US$6.2 billion) at the trading close. For the week, the index lost 2.49 percent.
Speculation is renewed that policymakers are likely to loosen policy this weekend, after Premier Wen Jiabao said there's growing room for monetary policy tools as inflation eased.
Bank stocks gained after several lenders reported strong gains in first-half profit. Ping An Bank Co rose 1 percent to close at 15.06 yuan, after it posted a first-half net profit growth of 43 percent from a year earlier.
Shanghai Pudong Development Bank Co added 0.3 percent to 7.55 yuan as the company's first-half net profit increased 33 percent annually. An annual growth of 42 percent in first-half net profit sent Hua Xia Bank Co 1.1 percent higher to finish at 8.82 yuan.
Shandong Gold Mining Co advanced among gold miners after it reported a 34 percent annualized growth in first-half profit. Zijin Mining Group Co, the nation's largest gold producer, increased 1.1 percent to 3.83 yuan. Zhongjin Gold Corp climbed 1.2 percent to 21.94 yuan.
Distilleries slumped. Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 4 percent to 229.62 yuan. Sichuan Tuopai Shede Wine Co tumbled 3.1 percent to 32.87 yuan. Shanxi Xinghuacun Fen Wine Factory Co slumped 3.6 percent to 37.31 yuan.
Analysts expect distilleries to face high pressure of destocking in the second half year due to a flagging economy and limitation on government reception expenditure.
- 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.
