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January 24, 2018

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Home » Business » Finance

Banks lift stocks to end at new high

By Hu Yumo | 00:01 UTC+8 January 24, 2018 | Print Edition

SHANGHAI stocks closed yesterday at a new high since December 30, 2015, as banking shares led gainers after banks posted solid earnings growth and also on the Chinese central bank’s liquidity boost to the banking system.

The Shanghai Composite Index jumped 1.29 percent to close at 3,546.50 points.

The banking sector rose 3.35 percent and the property sector added 2.22 percent, according to data from Chinese financial data provider Wind Information Co.

“Blue chips such as banking and property shares have been favorable among investors since the beginning of this year. Banking shares performed well today, with an increase of more than 5 percent,” said Zhang Qi, an analyst at Haitong Securities.

The Industrial and Commercial Bank of China added 4.46 percent to 7.49 yuan, briefly dethroning JPMorgan Chase as the world’s largest bank by market value during the trade. China Construction Bank jumped 8.72 percent to 9.85 yuan.

China Merchants Bank Co Ltd said yesterday that its business has steadily improved in 2017. Its operating income rose 5.4 percent year on year to 221.02 billion yuan (US$34.5 billion) in 2017, according to its financial report released yesterday. The bank's total profit gained 14.82 percent from 2016 to 90.66 billion yuan last year.

China Merchants Bank Co Ltd added 2.93 percent to 34.05 yuan.

Jiangsu Wujiang Rural Commercial Bank Co Ltd surged by the daily limit of 10 percent to 10.21 yuan.

Investors were also buoyed after the People’s Bank of China again injected a net liquidity of 170 billion yuan into the financial market via reverse repurchase agreements, according to a statement published on its official website yesterday.

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