Banks pull up stock index
By Pan Xiaoyi |
March 25, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S stock market closed slightly higher yesterday as banks posted better-than-expected full-year earnings but other weaker shares prevented the index from ending even higher.
The benchmark Shanghai Composite Index edged up 0.12 percent, or 3.68 points, to close at 3,056.81. Turnover shrank to 103.5 billion yuan (US$15.2 billion) from 108.7 billion yuan on Tuesday.
The Bank of China gained 1.7 percent to 4.22 yuan after saying profit rose 26 percent year on year in 2009 to 81.1 billion yuan. The Industrial and Commercial Bank of China, the nation's biggest lender, edged up 0.6 percent to 4.88 yuan. Shanghai Pudong Development Bank increased 0.1 percent to 22.03 yuan.
"The better earnings from the Bank of China shored up the market but sluggish performance in other sectors limited the gauge's rebound," Basing Investment wrote.
Steel mills declined after Vale SA, the world's largest iron ore producer, said it would change the current annual pricing system which led to concerns among steel mills that a significant rise in ore prices may be in the pipeline.
Baoshan Iron and Steel Co eased 2.3 percent to 7.83 yuan, Xinjiang Ba Yi Iron and Steel Co slid 1.8 percent to 13.48 yuan, and Wuhan Iron and Steel Co shed 0.5 percent to 6.65 yuan.
China Vanke Co, the biggest listed domestic property developer, shed 1.3 percent to 9.40 yuan. Shanghai Shimao Co lost 1.4 percent to finish at 14.85 yuan.
The benchmark Shanghai Composite Index edged up 0.12 percent, or 3.68 points, to close at 3,056.81. Turnover shrank to 103.5 billion yuan (US$15.2 billion) from 108.7 billion yuan on Tuesday.
The Bank of China gained 1.7 percent to 4.22 yuan after saying profit rose 26 percent year on year in 2009 to 81.1 billion yuan. The Industrial and Commercial Bank of China, the nation's biggest lender, edged up 0.6 percent to 4.88 yuan. Shanghai Pudong Development Bank increased 0.1 percent to 22.03 yuan.
"The better earnings from the Bank of China shored up the market but sluggish performance in other sectors limited the gauge's rebound," Basing Investment wrote.
Steel mills declined after Vale SA, the world's largest iron ore producer, said it would change the current annual pricing system which led to concerns among steel mills that a significant rise in ore prices may be in the pipeline.
Baoshan Iron and Steel Co eased 2.3 percent to 7.83 yuan, Xinjiang Ba Yi Iron and Steel Co slid 1.8 percent to 13.48 yuan, and Wuhan Iron and Steel Co shed 0.5 percent to 6.65 yuan.
China Vanke Co, the biggest listed domestic property developer, shed 1.3 percent to 9.40 yuan. Shanghai Shimao Co lost 1.4 percent to finish at 14.85 yuan.
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