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Banks propel market to gain 1%
By Joyce Pan |
March 26, 2010, Friday
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Online Edition
Online Edition
SHANGHAI'S stock market closed more than 1 percent higher today and pared this week's losses, shored up by the strong banking sector as annual earnings reports indicated that lenders might be undervalued.
The benchmark Shanghai Composite Index was up 1.34 percent, or 40.54 points, to close at 3,059.72 points. Turnover rose to 108.9 billion yuan (US$16 billion) from 105.3 billion yuan. Gainers outnumbered losers 782 to 92, and 9 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.93 percent to close at 1,186.23 points.
Huaxia Bank, the bank that's partly owned by Deutsche Bank AG, surged 5.9 percent to close at 12.25 yuan after saying its net income last year rose 22 percent to 3.76 billion yuan.
Industrial and Commercial Bank of China, the nation's biggest lender, was up 0.6 percent to 4.9 yuan. ICBC reported its net profit grew 16 percent to 128.65 billion yuan last year after the market was closed yesterday.
Bank of China climbed 1.7 percent to 4.23 yuan. Shanghai Pudong Development Bank advanced 3 percent to 22.28 yuan.
Property developers were among the gainers. Beijing Capital Development Co jumped 4 percent to 19.78 yuan. Shanghai Shimao Co Ltd added 2.8 percent to 15.59 yuan. Gemdale Corp increased 3 percent to 13.76 yuan.
PetroChina, the country's biggest oil and gas company, said net income dropped 9.7 percent from a year ago to 103.4 billion yuan last year as it was trapped between rising crude prices and low state-capped domestic fuel prices. Its shares rose 1 percent to 12.77 yuan.
The benchmark Shanghai Composite Index was up 1.34 percent, or 40.54 points, to close at 3,059.72 points. Turnover rose to 108.9 billion yuan (US$16 billion) from 105.3 billion yuan. Gainers outnumbered losers 782 to 92, and 9 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.93 percent to close at 1,186.23 points.
Huaxia Bank, the bank that's partly owned by Deutsche Bank AG, surged 5.9 percent to close at 12.25 yuan after saying its net income last year rose 22 percent to 3.76 billion yuan.
Industrial and Commercial Bank of China, the nation's biggest lender, was up 0.6 percent to 4.9 yuan. ICBC reported its net profit grew 16 percent to 128.65 billion yuan last year after the market was closed yesterday.
Bank of China climbed 1.7 percent to 4.23 yuan. Shanghai Pudong Development Bank advanced 3 percent to 22.28 yuan.
Property developers were among the gainers. Beijing Capital Development Co jumped 4 percent to 19.78 yuan. Shanghai Shimao Co Ltd added 2.8 percent to 15.59 yuan. Gemdale Corp increased 3 percent to 13.76 yuan.
PetroChina, the country's biggest oil and gas company, said net income dropped 9.7 percent from a year ago to 103.4 billion yuan last year as it was trapped between rising crude prices and low state-capped domestic fuel prices. Its shares rose 1 percent to 12.77 yuan.
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