Banks propel shares higher
Print Edition
SHANGHAI stocks ended the week higher yesterday on reports of positive earnings results by banks, spurring optimism in the banking sector.
The Shanghai Composite Index gained 1.22 percent to 2,420.18 points.
For the week, the barometer climbed 5.52 percent.
Seven of China’s top listed banks posted positive financial results for the first three quarters of this year on Thursday evening. Hua Xia Bank was reported to top the list when its net profit jumped 18.39 percent year on year.
Fortune Securities said that as the Shanghai-Hong Kong Stock Connect scheme is about to start, commercial banks will benefit from the landmark stock trading link between the two stock exchanges, such as the convenience brought by the cross-border yuan trade settlement.
Bank Of Nanjing rose 9.49 percent to finish at 10.73 yuan (US$1.76), China Everbright Bank gained 6.05 percent to end at 2.98 yuan, while Bank of Beijing jumped 5.64 percent to close at 8.43 yuan.
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