Banks, steel help index performance
By Pan Xiaoyi |
May 1, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks closed slightly higher yesterday, ending a six-day losing streak thanks to strong performances in the banking and steel sectors.
The Shanghai Composite Index edged up 0.08 percent, or 2.18 points, to end at 2,870.61 after touching an intraday low of 2,820.95. The gauge lost a total 7.7 percent in April.
The Bank of Communications rose 1.6 percent to 7.12 yuan after posting a 31 percent rise in its first-quarter net profit from a year ago. The Industrial and Commercial Bank of China added 1.1 percent to 4.54 yuan after first-quarter profit rose 18 percent year on year to 41.55 billion yuan.
"Lenders, which have been undervalued after previous losses, have the momentum to go up as the better-than-expected first-quarter earnings promise good returns," Shenzhen Front Securities And Investment Consultant wrote in a research note.
Baoshan Iron and Steel Co surged 6 percent to 6.89 yuan. The country's biggest listed steel mill reported its first-quarter profit jumped 44-fold to 3.93 billion yuan.
The Shanghai Composite Index edged up 0.08 percent, or 2.18 points, to end at 2,870.61 after touching an intraday low of 2,820.95. The gauge lost a total 7.7 percent in April.
The Bank of Communications rose 1.6 percent to 7.12 yuan after posting a 31 percent rise in its first-quarter net profit from a year ago. The Industrial and Commercial Bank of China added 1.1 percent to 4.54 yuan after first-quarter profit rose 18 percent year on year to 41.55 billion yuan.
"Lenders, which have been undervalued after previous losses, have the momentum to go up as the better-than-expected first-quarter earnings promise good returns," Shenzhen Front Securities And Investment Consultant wrote in a research note.
Baoshan Iron and Steel Co surged 6 percent to 6.89 yuan. The country's biggest listed steel mill reported its first-quarter profit jumped 44-fold to 3.93 billion yuan.
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