Corporate earnings boost the local index
By Lydia Chen |
July 1, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI shares gained yesterday after investors piled money into large caps as companies beat estimates with their second-quarter earnings reports.
The Shanghai Composite Index climbed 1.2 percent to 2,762.08. The index rose 0.7 percent in June, its first monthly climb in three months.
The gauge slumped 5.7 percent in the second quarter, the first quarterly drop since the three months ended June 2010.
As of Wednesday, 615 of 794 firms that have released half-year earning forecasts said they made profits in the first six months of this year. Only 9.9 percent expected a loss.
Analysts expect banks will see an average 30 percent increase in profit from January to June.
Blue chips such as lenders, insurers and brokerages gained.
China Merchants Bank Co added 0.8 percent to 13.02 yuan (US$2.01). Huaxia Bank Co, partly owned by Deutsche Bank AG, rose 1 percent to 10.87 yuan.
China Life Insurance Co added 2.1 percent to 18.75 yuan. Ping An Insurance (Group) Co of China Ltd was up 3.3 percent to 48.27 yuan.
Haitong Securities climbed 2.5 percent to 9.02 yuan. CITIC Securities advanced 1.5 percent to 13.08 yuan.
Domestic brokerages saw combined income from securities margin trading exceed 1.2 billion yuan from January to June.
Meanwhile, the number of newly opened stock trading accounts reached the highest in two months last week, indicating reviving interest in stocks among investors.
The Shanghai Composite Index climbed 1.2 percent to 2,762.08. The index rose 0.7 percent in June, its first monthly climb in three months.
The gauge slumped 5.7 percent in the second quarter, the first quarterly drop since the three months ended June 2010.
As of Wednesday, 615 of 794 firms that have released half-year earning forecasts said they made profits in the first six months of this year. Only 9.9 percent expected a loss.
Analysts expect banks will see an average 30 percent increase in profit from January to June.
Blue chips such as lenders, insurers and brokerages gained.
China Merchants Bank Co added 0.8 percent to 13.02 yuan (US$2.01). Huaxia Bank Co, partly owned by Deutsche Bank AG, rose 1 percent to 10.87 yuan.
China Life Insurance Co added 2.1 percent to 18.75 yuan. Ping An Insurance (Group) Co of China Ltd was up 3.3 percent to 48.27 yuan.
Haitong Securities climbed 2.5 percent to 9.02 yuan. CITIC Securities advanced 1.5 percent to 13.08 yuan.
Domestic brokerages saw combined income from securities margin trading exceed 1.2 billion yuan from January to June.
Meanwhile, the number of newly opened stock trading accounts reached the highest in two months last week, indicating reviving interest in stocks among investors.
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