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Blue chips propel market to 3-month high
By Joyce Pan |
April 13, 2010, Tuesday
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Online Edition
Online Edition
SHANGHAI'S market rose more than 1 percent today to end at a three-month high, led by financial shares on hopes that Friday's launch of stock index futures will further boost financial blue chips.
The benchmark Shanghai Composite Index rose 1.02 percent, or 31.99 points, to close at 3,161.25 points. Turnover rose to 184.6 billion yuan (US$27.1 billion) from 175 billion yuan. Losers outnumbered gainers 592 to 295, and 7 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.15 percent to close at 1,238.22 points.
The financial sector has been chased by capital since margin trading and short selling kicked off on March 31. The transaction volume of these two new investment tools exceeded 70 million yuan by last week. The Industrial & Commercial Bank of China has attracted the most investment of 10 million yuan, according to the local two bourses.
Industrial & Commercial Bank of China, the nation's biggest lender, gained 1.4 percent to 4.99 yuan. Shanghai Pudong Development Bank climbed 2.7 percent to 22.67 yuan. Industrial Bank added 2.4 percent to 34.9 yuan.
Ping An Insurance Group Co increased 4 percent to 51.89 yuan after saying its written premiums at its four units amounted to 67.5 billion yuan for the first quarter. China Life Insurance Co, the nation's biggest insurer, rose 4.2 percent to 29.28 yuan and China Pacific Insurance (Group) Co rose 7.2 percent to 28.22 yuan.
The benchmark Shanghai Composite Index rose 1.02 percent, or 31.99 points, to close at 3,161.25 points. Turnover rose to 184.6 billion yuan (US$27.1 billion) from 175 billion yuan. Losers outnumbered gainers 592 to 295, and 7 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.15 percent to close at 1,238.22 points.
The financial sector has been chased by capital since margin trading and short selling kicked off on March 31. The transaction volume of these two new investment tools exceeded 70 million yuan by last week. The Industrial & Commercial Bank of China has attracted the most investment of 10 million yuan, according to the local two bourses.
Industrial & Commercial Bank of China, the nation's biggest lender, gained 1.4 percent to 4.99 yuan. Shanghai Pudong Development Bank climbed 2.7 percent to 22.67 yuan. Industrial Bank added 2.4 percent to 34.9 yuan.
Ping An Insurance Group Co increased 4 percent to 51.89 yuan after saying its written premiums at its four units amounted to 67.5 billion yuan for the first quarter. China Life Insurance Co, the nation's biggest insurer, rose 4.2 percent to 29.28 yuan and China Pacific Insurance (Group) Co rose 7.2 percent to 28.22 yuan.
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