Banks rise on earnings results
By Feng Jianmin |
March 29, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed slightly higher yesterday but gains by blue chips were pared by drops in smaller caps.
The Shanghai Composite Index rose 0.2 percent to end at 2,984.01 after jumping as much as 1.9 percent in the morning session.
"Investors favor banks and property developers because of their low prices," said Shao Qing, an analyst with Ping An Securities. "Smaller-cap companies are likely to be impacted by earnings reports and reduction of major shareholders' stakes."
Banks rose on positive earnings. China Minsheng Banking Corp climbed 2.6 percent to 5.51 yuan after reporting its 2010 profit jumped 45 percent from a year earlier. The Bank of China and Hua Xia Bank Co also announced better-than-expected profits as their interest income increased.
By Sunday, 907 companies listed on the Chinese mainland had released their annual reports. Companies on the main board posted an average 40 percent increase in profit from a year earlier. Profit of small and medium-sized enterprises rose around 35 percent.
The Shanghai Composite Index rose 0.2 percent to end at 2,984.01 after jumping as much as 1.9 percent in the morning session.
"Investors favor banks and property developers because of their low prices," said Shao Qing, an analyst with Ping An Securities. "Smaller-cap companies are likely to be impacted by earnings reports and reduction of major shareholders' stakes."
Banks rose on positive earnings. China Minsheng Banking Corp climbed 2.6 percent to 5.51 yuan after reporting its 2010 profit jumped 45 percent from a year earlier. The Bank of China and Hua Xia Bank Co also announced better-than-expected profits as their interest income increased.
By Sunday, 907 companies listed on the Chinese mainland had released their annual reports. Companies on the main board posted an average 40 percent increase in profit from a year earlier. Profit of small and medium-sized enterprises rose around 35 percent.
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