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Banks propel Shanghai index to small gain
By Ye Zhen |
March 14, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks today rebounded from a two-month low as lenders gained amid optimism over their earnings even though capital was removed from the money market by the central bank.
The key Shanghai Composite Index added 0.28 percent to 2,270.28 points, snapping a five-day losing streak. Shares worth more than 69.2 billion yuan (US$11 billion) were traded today.
"China's major listed lenders may post robust earnings for 2012 as major indicators, including return on assets, return on equity, capital adequacy ratio and bad loan ratio, point to strong performances," Pan Gongsheng, vice governor of the People's Bank of China, said yesterday.
Pan said China's banking sector will maintain stable profitability and risk control ability and bank shares are good investments with price earnings ratios around six to seven.
Shanghai Pudong Development Bank Co led the advance of lenders, increasing 2 percent to 10.45 yuan, after reporting a 25 percent gain in net earnings last year. Agricultural Bank of China rose 1.4 percent to 2.84 yuan. China Minsheng Banking Corp added 0.8 percent to 9.86 yuan.
China's central bank today siphoned 18 billion yuan from the country's money market via 28-day repurchase agreements, bringing the total withdrawal to 44 billion yuan this week.
Most cement producers posted gains. Gansu Qilianshan Cement Group Co added 1.1 percent to 10.32 yuan. Shaanxi Qinling Cement (Group) Co rose 1.9 percent to 5.76 yuan. Anhui Conch Cement Co, the country's biggest cement producer, lost 1.4 percent to 17.22 yuan.
Distilleries fell against the index. Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 2.7 percent to 178.94 yuan. Sichuan Tuopai Shede Wine Co slumped 3.9 percent to 23.67 yuan. Shanxi Xinghuacun Fen Wine Factory Co skidded 4.3 percent to 39.55 yuan.
The key Shanghai Composite Index added 0.28 percent to 2,270.28 points, snapping a five-day losing streak. Shares worth more than 69.2 billion yuan (US$11 billion) were traded today.
"China's major listed lenders may post robust earnings for 2012 as major indicators, including return on assets, return on equity, capital adequacy ratio and bad loan ratio, point to strong performances," Pan Gongsheng, vice governor of the People's Bank of China, said yesterday.
Pan said China's banking sector will maintain stable profitability and risk control ability and bank shares are good investments with price earnings ratios around six to seven.
Shanghai Pudong Development Bank Co led the advance of lenders, increasing 2 percent to 10.45 yuan, after reporting a 25 percent gain in net earnings last year. Agricultural Bank of China rose 1.4 percent to 2.84 yuan. China Minsheng Banking Corp added 0.8 percent to 9.86 yuan.
China's central bank today siphoned 18 billion yuan from the country's money market via 28-day repurchase agreements, bringing the total withdrawal to 44 billion yuan this week.
Most cement producers posted gains. Gansu Qilianshan Cement Group Co added 1.1 percent to 10.32 yuan. Shaanxi Qinling Cement (Group) Co rose 1.9 percent to 5.76 yuan. Anhui Conch Cement Co, the country's biggest cement producer, lost 1.4 percent to 17.22 yuan.
Distilleries fell against the index. Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 2.7 percent to 178.94 yuan. Sichuan Tuopai Shede Wine Co slumped 3.9 percent to 23.67 yuan. Shanxi Xinghuacun Fen Wine Factory Co skidded 4.3 percent to 39.55 yuan.
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