Blue chips and brokers lead stocks to end over 2% higher
By Winny Wang |
March 30, 2010, Tuesday
|
Print Edition
Print Edition
SHARES on the Chinese mainland jumped more than 2 percent yesterday, led by heavyweight blue chips and brokerages following the approval by the securities regulator late Friday for the country's first stock index futures to be traded on April 16.
The Shanghai Composite Index, which tracks the bigger mainland bourse, added 2.09 percent to close at 3,123.80. Turnover stood at 155 billion yuan (US$22.69 billion).
"Blue chips made widespread gains yesterday spurred by the news of stock index futures," said Wan Bin, an analyst at GF Securities Co. "However, the current turnover can't support the stock market to keep growing, and the benchmark index is likely to fluctuate again after a short-term blue chip rally."
The Shenzhen Composite Index, which tracks the smaller exchange, grew 1.24 percent to 1,200.98.
China Petroleum and Chemical Corp, Asia's biggest refiner, gained 1.78 percent to 12.00 yuan. The company said yesterday its profit for 2009 more than doubled to 61.8 billion yuan from a year before.
China Construction Bank, the country's second-largest lender by market value, rose 2.33 percent to 5.71 yuan, after announcing its net income more than doubled annually to 20.7 billion yuan in the fourth quarter.
Brokerages also rose on investor expectation the index futures business will boost their revenues. The China Financial Futures Exchange last Friday said it would launch the index futures on April 16. The contracts allow investors to hedge against risks and profit from declines in the market.
CITIC Securities Co, China's top listed brokerage, soared 3.47 percent to 28.36 yuan. GF Securities Co rose 2.03 percent to 56.89 yuan and Shanghai-based Haitong Securities Co jumped 2.83 percent to 17.07 yuan.
Chongqing Water soared 73.35 percent on its debut to 12.10 yuan yesterday in anticipation that it would benefit from the country's water infrastructure plans.
The Shanghai Composite Index, which tracks the bigger mainland bourse, added 2.09 percent to close at 3,123.80. Turnover stood at 155 billion yuan (US$22.69 billion).
"Blue chips made widespread gains yesterday spurred by the news of stock index futures," said Wan Bin, an analyst at GF Securities Co. "However, the current turnover can't support the stock market to keep growing, and the benchmark index is likely to fluctuate again after a short-term blue chip rally."
The Shenzhen Composite Index, which tracks the smaller exchange, grew 1.24 percent to 1,200.98.
China Petroleum and Chemical Corp, Asia's biggest refiner, gained 1.78 percent to 12.00 yuan. The company said yesterday its profit for 2009 more than doubled to 61.8 billion yuan from a year before.
China Construction Bank, the country's second-largest lender by market value, rose 2.33 percent to 5.71 yuan, after announcing its net income more than doubled annually to 20.7 billion yuan in the fourth quarter.
Brokerages also rose on investor expectation the index futures business will boost their revenues. The China Financial Futures Exchange last Friday said it would launch the index futures on April 16. The contracts allow investors to hedge against risks and profit from declines in the market.
CITIC Securities Co, China's top listed brokerage, soared 3.47 percent to 28.36 yuan. GF Securities Co rose 2.03 percent to 56.89 yuan and Shanghai-based Haitong Securities Co jumped 2.83 percent to 17.07 yuan.
Chongqing Water soared 73.35 percent on its debut to 12.10 yuan yesterday in anticipation that it would benefit from the country's water infrastructure plans.
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